The already dismal outlook for economic growth during the current period just got considerably worse.The
last week, bringing the running eight-week total during the coronavirus lockdown to 36.5 million.
Economic reports in general have been running lower than even the sharply reduced expectations. The Citigroup Economic Surprise Index, which gauges the data against Wall Street estimates, hit its lowest-ever point at the end of April in records that go back to January 2003. Taking the data together, the Atlanta Fed now sees personal consumption expenditures, which make 68% of GDP, falling by 43.6% in Q2, down from the May 8 estimate of -33.9%. Gross private domestic investment, which currently is 17% of GDP, is expected to plunge by 69.4%, down from a -62.8% estimate a week ago.
GDPNow can be volatile and is not a forecast per se but rather a running estimate based on real-time data. However, it is only somewhat worse than other prominent estimates. Goldman Sachs, for instance, recently projected growth to fall 39% for the quarter. The firm, though, sees a big bounce on the other side, with Q3 rising 29%. The New York Fed's GDP Nowcast is tracking at 31.05%.
Deutschland Neuesten Nachrichten, Deutschland Schlagzeilen
Similar News:Sie können auch ähnliche Nachrichten wie diese lesen, die wir aus anderen Nachrichtenquellen gesammelt haben.
US economy, GDP may never get to pre-coronavirus growth, need aid bill - Business InsiderIn order to prevent GDP growth from being trapped on a slower path, Congress needs to step up and get aid to state governments and to Americans.
Weiterlesen »
Goldman Sachs Now Says Unemployment Will Peak At 25%, GDP To Fall 39% In The Second QuarterThe investment bank revised down its predictions for the U.S. economy as the coronavirus pandemic continues to cause unprecedented damage.
Weiterlesen »
German economy posts sharpest contraction since the financial crisisGerman GDP (gross domestic product) shrank by 2.2% in the first quarter compared to the final three months of 2019, official statistics revealed Friday.
Weiterlesen »
40% of low-income Americans lost their jobs due to the pandemicThe coronavirus pandemic hit households making less than $40,000 a year the hardest. Many are too strapped to pay their bills.
Weiterlesen »
Goldman Sachs says a second wave of coronavirus could make the Fed rethink negative interest ratesBut negative interest rates wouldn't be 'very helpful' to the economy, said Zach Pandl, co-head of global foreign exchange, rates and emerging markets strategy at Goldman Sachs.
Weiterlesen »
US jobless claims preview: Economists expect another week of decline - Business Insider'If the current rate of decline continues, claims will dip below 1M in the second or—more likely—third week of June,' said economist Ian Shepherdson.
Weiterlesen »