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Benzinga
Benzinga
Business
Akanksha Bakshi

Goldman Sachs Trims US Growth Forecast On Rising Commodity Prices: Reuters

Goldman Sachs United States GS Jan Hatzius NYSE Russia Ukraine Wikimedia Commons
  • Goldman Sachs Group Inc (NYSE:GS) analysts downgraded forecasts for U.S. economic growth for this year, reckoning that spikes in oil and other commodities since Russia's invasion of Ukraine will hurt spending, reported Reuters.
  • The investment bank cut its annualized growth forecast to 2.9% against a previous expectation of 3.1%. 
  • It expects fourth-quarter real gross domestic product growth of 1.75% against an earlier forecast of 2%.
  • Goldman analysts, led by Jan Hatzius, mention additional downside risks if shortages of key metals constrain U.S. production and put the chance of a recession during the next year at 20%-35%.
  • Price Action: GS shares are trading higher by 0.94% at $332.99 during the premarket session on Friday.
  • Photo via Wikimedia Commons
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