Economics
Goldman’s Joseph Cohen Sees ‘Awful’ Data Before Growth
- Bank’s economists see U.S. GDP shrinking 34% in second quarter
- Abby Joseph Cohen says April-May faces the worst economic hit
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The U.S. economy will see the biggest damage in the next couple of months from the coronavirus lockdowns, and unemployment will surge before growth starts to recover later this year, Goldman Sachs Group Inc.’s Abby Joseph Cohen said in an interview on Bloomberg TV.
“The demand shock is heavily concentrated in services, of course, and we think that from a time standpoint, April and May will bear the brunt of it because of the constraints on all of us in terms of whether we can get around,” the senior investment strategist said. “What we’re hoping is that when we get to the latter part of this year, and some of these physical constraints imposed on us are lifted, we’ll start to see that the economy can begin to recover in a better way.”