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Goldman Sachs has cut its US growth forecasts for the next two quarters, pegging their gloomier outlook on the “rapid and broad-based resurgence of the coronavirus.”

The bank lowered its fourth-quarter gross domestic product forecast to 3.5% from 4.5%. Growth in the first quarter of 2021 will slow to just 1% from the prior estimate of 3.5%, the team added.

The third wave of infections and cities’ implementation of new lockdown measures cuts into an already weakening economic recovery, economists led by Jan Hatzius said in a note to clients. Data from virus-sensitive sectors show details ⇒

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