Goldman Drops Fri. Evening ‘Bomb,’ Projecting Unemployment at 8.75% on Election Day
Per Reuters blogger James Pethokoukis , Goldman Sachs, demonstrating Democratic-friendly timing similar to that seen at the New York Times a month or so ago, published an extraordinarily gloomy economic forecast last night. Here are some of the details he quotes: “Following another week of weak economic data, we have cut our estimates for real GDP growth in the second and third quarter of 2011 to 1.5% and 2.5%, respectively, from 2% and 3.25%. Our forecasts for Q4 and 2012 are under review, but even excluding any further changes we now expect the unemployment rate to come down only modestly to 8
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on July 16, 2011. Filed under