You are here: Home » Reuters » News
Business Standard

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

Reuters  |  NEW YORK 

NEW YORK (Reuters) - 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.

"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)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, September 12 2017. 18:39 IST