A number of service-sector categories including live entertainment are still quite depressed and the transition back to the office is faltering, so the U.S. economy won’t be as robust this year as had been expected, economists at Goldman Sachs said Monday.
Goldman’s forecast had been notable because it was so much higher than consensus. The firm’s forecast is now gaining attention because it now sees a much sharper slowdown over the next year an a half. A consensus survey of economists, compiled by the Philadelphia Federal Reserve, expects the U.S. economy to grow at a 4.3% rate for all of 2022.Concern about the outlook has reduced pressure on the Fed to move quickly to start to taper its $120 billion per-month of bond purchases. The central bank’s interest-rate committee will meet Tuesday and Wednesday. Fed Chairman Jerome Powell will hold a press conference at the end of the meeting.
The categories that remain soft are associated with high virus risks or connected to office-based work. These are talking longer to improve than Goldman anticipated.
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