US COVID-19 Young Asymptomatic Cases Surge, Total Confirmed Cases Exceed 3 Million
Goldman Sachs Lowers US Economic Growth Forecast for This Year from -4.2% to -4.6%
[Asia Economy New York=Correspondents Baek Jong-min and Lee Hyun-woo] Dr. Anthony Fauci, director of the U.S. National Institute of Allergy and Infectious Diseases (NIAID), warned that the first wave of the novel coronavirus disease (COVID-19) is still ongoing in the United States, and the spread driven by young asymptomatic patients is intensifying. As closure measures continue to be reimposed, especially in the southern regions where COVID-19 damage is increasing, investment bank Goldman Sachs has downgraded its economic growth forecast for the U.S. this year.
According to CNN on the 6th (local time), Dr. Fauci expressed concern during an online live interview with Dr. Francis Collins, director of the National Institutes of Health, stating, "The U.S. is still in the midst of the first wave of COVID-19, and the number of infections has not decreased to the target level set by authorities." He added, "The average age of COVID-19 patients in the U.S. has dropped by 15 years compared to a few months ago," and "The number of young asymptomatic patients under 30 is increasing, accelerating the spread, and it is still unknown how long the immunity from the vaccines under development will last."
According to the COVID-19 tracking site Worldometer, the number of confirmed COVID-19 cases in the U.S. reached 3,024,016 on that day, an increase of 1 million cases within a month since surpassing 2 million on June 7. This means that one out of every 100 Americans has been infected with COVID-19. In particular, California recorded 11,800 new cases in a single day, setting a new record high in the U.S.
As COVID-19 shows a strong resurgence, some U.S. states are halting their economic reopening plans or reimposing store closures. According to The New York Times (NYT), Miami-Dade County in Florida closed restaurants and gyms, while California suspended indoor dining and bar operations. Arizona ordered the closure of bars, gyms, movie theaters, and theme parks for 30 days, and Texas banned drinking inside bars.
New Jersey, which was an early COVID-19 hotspot along with New York City, is also on alert. On that day, New Jersey’s COVID-19 reproduction number, indicating the number of new infections per patient, reached 1.03, the highest in 10 weeks, raising concerns about delaying the full economic reopening. Governor Phil Murphy announced an indefinite postponement of indoor dining and stated that the expansion of economic reopening could also be delayed.
The renewed lockdown measures in various states have increased concerns that the pace of the U.S. economic recovery will slow. According to CNBC, investment bank Goldman Sachs downgraded its U.S. economic growth forecast on the same day. In its report, Goldman Sachs revised the forecast for the U.S. GDP growth rate this year from -4.2% year-on-year to -4.6%. The third-quarter GDP growth forecast was also lowered from 33% quarter-on-quarter to 25%. This reflects concerns that the resurgence of COVID-19, especially in the southern regions, could slow the pace of economic recovery.
Jan Hatzius, chief economist at Goldman Sachs, said, "Recently, COVID-19 cases have surged mainly in southern states such as Texas, Arizona, and Florida, beginning to have a significant impact on the U.S. economy," adding, "Stricter regulations and voluntary social distancing will delay economic recovery."
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