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"The combination of weaker real activity and slower inflation means that profits of U.S. companies will fall even more sharply than we had previously expected," Goldman said in a note to clients.
Goldman now sees economic profits falling 25 percent in 2009 on an annual average basis, the biggest drop since 1938. It had earlier expected a fall of 20 percent.
Goldman expects unemployment rates to further go up in 2010 as well, as there is little chance of the economy returning to trend growth by that year.
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