Goldman Sachs revised down its third quarter GDP estimate by eight percentage points as states shut down their economies once again.
A growing wave of new coronavirus cases in the United States—which brought a record 60,000 new cases on Tuesday alone—and the new restrictions that are accompanying the resurgence of the virus have the potential to derail an economic rebound until the fall, analysts from Goldman Sachs say.
Many officials have said a complete shutdown of state economies for the second time will be a last resort. “Closing down Texas again will always be the last option,» Gov. Greg Abbott said last month. Treasury Secretary Steven Mnuchin shares that same sentiment: “We can’t shut down the economy again,” he told CNBC last month.
