The Real Takeaway From Goldman’s US Growth Downgrade

The Real Takeaway From Goldman’s US Growth Downgrade

Markets were back to worrying about peak growth at the beginning of a jam-packed week. With crude sitting near seven-year highs, stagflation stories weren't hard to come by. "Fiscal support is set to step down significantly through the end of next year," Goldman's Joseph Briggs said, in the course of cutting the bank's outlook for the US economy. "Consumer services spending will need to recover quickly to offset a decline in goods spending as it normalizes from its current elevated level." Tho
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4 thoughts on “The Real Takeaway From Goldman’s US Growth Downgrade

  1. “there aren’t enough kitchen workers to make the food” I think the pandemic has/will/is about to accelerate the replacement of human labor with robots. I also think people who never made a living wage actually felt what it was like and now they feel like they are valuable enough to be paid a reasonable wage or choose nothing for as long as they can. A big old reset is underway. It is not a “re-opening”, but rather a “reset”.

    Oh, and there’s a fascist army literally declaring war on the United States government, yet, no one in the government is doing anything about it. We are what, 1930?, 1931? Germany. Trying to gauge when they fascist take over and declare marshall law.

    Happy Indigenous People’s Day!

  2. This is totally anecdotal, but if San Francisco this past weekend is any indication, service spending will come roaring back once Covid fears abate. San Francisco had (and still has) some of the most significant Covid restrictions in the United States, and the hospitality sector (F&B and lodging) has definitely suffered. But this past weekend was totally nuts (gorgeous October weather, fleet week finale, Giants/Dodgers) and every bar in town was lined up. People are ready to get back to having some fun and if I had to bet, Covid fears will melt away pretty quickly as case rates continue to decline. And yes, it was great to see SF get some bounce back in her step this weekend!

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