Sun 05 July 2020:
Goldman Sachs expects the U.S. economy to shrink more in 2020 than previously forecast, as rising coronavirus cases will delay the country’s full-reopening. Goldman is currently projecting a -4.6% GDP growth in 2020, down from its previous estimate of -4.2%.” As a result of the worsening estimate for this year, the bank is now looking for a 1 to 1.5 percentage point stronger bounce back in 2021, when it expects GDP to grown by 5.8%.
Florida and Texas set daily records for new coronavirus cases on Saturday, reporting record 11,458 and 8,258 fresh diagnoses, respectively. Coronavirus cases are surging across the South and West with the U.S. reporting over 52,000 cases on July 4 according to the Covid Tracking Project. In response to the huge increase, Florida, Texas, and many other states have rolled back some of their reopening plans, such as shuttering bars. Texas also put a statewide mask requirement in place last week and New York City is delaying plans to resume indoor dining on July 6.
It is “too early to tell” if it will be safe for Jacksonville, Fla. to host the Republican National Convention in August, the Food and Drug Administration Commissioner Dr. Stephen Hahn said in a CNN interview. “We’ll have to see how this unfolds in Florida and around the country.” The four-day convention was initially slated take place in Charlotte, North Carolina. Now all but one day of the event will take place in Jacksonville, in a move prompted by North Carolina’s social-distancing measures.
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