Goldman Sachs Pulls in GDP estimate last minute (GS)
Wed. October 28, 2009; Posted: 11:52 AM
Oct 28, 2009 (SmarTrend(R) News Watch via COMTEX) --
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PowerRating -- 10/28/2009-Goldman Sachs (NYSE:GS) pulled another last minute move and adjusted its estimates on the nation's Gross Domestic Product (GDP), now expecting a reading of 2.7% growth, down from its previous estimate of 3.0%. The last time they pulled a last minute adjustment on such an economically pivotal reading like this, within 24 hours of the reading, was at the beginning of October when they increased their expected September Nonfarm Payrolls loss, estimating a -250,000 reading from their original -200,000 estimate. The reading came in at a striking -263,000, vs. consensus estimates of a much tamer -175,000 reading. The unemployment rate held at 9.8%, which they also forecasted.
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