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Goldman Sachs Group Inc. economists have revised down their estimates for the 2020 US economic growth rate to -4.6% from the previous forecast of -4.4%. 

Consumer spending is likely to stall in July and August due to state-imposed restrictions to combat the coronavirus, economists led by Jan Hatzius said, according to Economic Times. 

“A combination of tighter state restrictions and voluntary social distancing is already having a noticeable impact on economic activity,” the economists said in a report published on Saturday.

Economists at Goldman Sachs, however, expect the economy to regain poise in the third quarter and expand by 5.8% in 2021. In addition, the investment bank sees the jobless rate at 9% at the end of 2020 compared to the previous forecast of 9.5%.