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Goldman Sachs lowers U.S. third-quarter GDP forecast after Harvey, Irma
September 12, 2017 / 1:00 PM / a month ago

Goldman Sachs lowers U.S. third-quarter GDP forecast after Harvey, Irma

NEW YORK (Reuters) - Goldman Sachs economists lowered their forecast for U.S. economic growth in the third quarter by 0.8 percentage point to 2.0 percent, based on an expected slowdown in business activity due to damage from Hurricanes Harvey and Irma.

Fragments remain of a billboard after Hurricane Irma in White Springs, Florida U.S. September 11, 2017. REUTERS/Mark Makela

“If damages are significantly higher — or if Florida flooding continues to weigh on consumer spending and housing/investment activity into late September and October — we would expect additional downside to near-term growth,” they wrote in a research note released late on Monday.

Reporting by Richard Leong; Editing by Bernadette Baum

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