Goldman Sachs cuts US growth forecast as commodity prices bite
The investment bank cut its annualized growth forecast to 2.9% against a previous expectation of 3.1%
FOX Business Flash top headlines for March 10
Here are your FOX Business Flash top headlines for March 10.
Goldman Sachs analysts downgraded their 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.
GET FOX BUSINESS ON THE GO BY CLICKING HERE
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 a previous forecast of 2%.
US ECONOMY SURGED 6.9% IN THE FOURTH QUARTER BEFORE OMICRON IMPACT
Goldman analysts, led by Jan Hatzius, said there are 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%.
(Reporting by Tom Westbrook; Editing by Tom Hogue)