Goldman Sachs Group Inc. forecast

Goldman Sachs Group economist Jan Hatzius has stated that the company has revised lower their GDP expectations amid darkening outlook for the US economy.

He said that GDP is heading south expected with 5.0% annually decline in the third quarter and estimates that the GDP will drop 3% in the first quarter of 2009, and an additional 1% into the quarter that follows, and that by the end of the coming year unemployment rates will incline from the current 6.5% to reach 9%.

The announcement slashes any hope for a better forecast to the US economy as they head deeper into recession dragging global growth down with it.