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G Sachs: US Job Mkt at Inflection Pt; Forecast on Fed's 2 Rate Cuts This Yr Kept
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Goldman Sachs released a report, viewing that the U.S. labor market is at an inflection point, where further weakening of demand for workers will affect the job market. Meanwhile, the main driver of labor demand is from economic activity. As the economic growth has slowed radically, Goldman Sachs maintained the forecast that the Federal Reserve will cut interest rates in September and December. The Fed last week lowered its forecast for interest rate cuts this year to one from the previous three. Goldman Sachs believed that the surge in U.S. inflation in the first quarter may be an anomaly. For the rest of the year, data will show that core commodity prices will remain flat, and housing and non-housing core service inflation will gradually ease. As for the outlook for economic growth, Goldman Sachs said the recent slowdown is likely to persist, while the increased uncertainty associated with the U.S. election is likely to affect business investment in the coming months. AAStocks Financial News |
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