Forecasts from Goldman Sachs of growth way too low for a meaningful recovery —
We expect US growth to remain sluggish next year, as the temporary boosts from inventory restocking and fiscal stimulus wanes while final demand remains weak. If our view is correct, 2011 consensus expectations will move significantly over the months to come. The US consensus estimate of 2.4% in October is still 0.6 ppts above our forecast and will need to continue its recent downward fall see “Forecasters Need to Cut GDP Estimates a Lot Further”, US Daily Comment, August 23, 2010.