Goldman raises economic growth outlook as it sees a vaccine approval this year

Lisa Taylor receives a Covid-19 vaccination from RN Jose Muniz as she takes part in a vaccine study at Research Centers of America on August 07, 2020 in Hollywood, Florida.
Joe Raedle | Getty Images

Goldman Sachs has grown more optimistic about the arrival date for a coronavirus vaccine, causing it to upgrade its expectations for economic growth and cut its projection for the unemployment rate.

The firm sees "at least one" vaccine approved by the end of 2020 and hitting the market for widespread distribution by the second quarter of 2021, progress that will boost consumer spending and generate stronger GDP readings and employment next year.