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Goldman Sachs lifts US GDP forecast to 6.6% in 2021 on Biden's $1.9 trillion stimulus package

Goldman Sachs lifts US GDP forecast to 6.6% in 2021 on Biden's $1.9 trillion stimulus package


Eric Thayer/Reuters



Goldman Sachs raised its US GDP forecast to 6.6% on Joe Biden's $1.9 trillion stimulus plan.



Bank economists now project a lower US unemployment rate of 4.5%, down from 4.8%.



Biden's $1,400 stimulus checks will cause a "large spike" in disposable income, they said.



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Goldman Sachs has turned even more optimistic on the outlook for the US economy this year under President-elect Joe Biden. In a weekend note to clients, economists at the bank raised their forecast for US GDP to 6.6% in 2021 from 6.4%. Goldman now expects a lower US unemployment rate of 4.5% at the end of 2021, down from 4.8%.The projected economic expansion will be fueled by a boost in disposable incomes and government spending, the bank said, as Biden's $1.9 trillion stimulus plan accentuates his intent to shore up the slumping US economy."We do not expect all of the elements of the $1.9 trillion proposal to pass, but we have raised our expectations for state fiscal aid, education and public health spending, unemployment insurance benefits, and several smaller items," Goldman economists wrote.
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