Stronger productivity growth has been one of the silver linings of the pandemic, with 3.1% annualized growth in output per hour since the start of the crisis (vs. +1.4% in the previous business cycle). Higher-frequency measures indicate further gains in the middle of the year. In this Analyst, we explore the composition of the productivity acceleration to better understand its drivers and sustainability.
We find that productivity gains since 4Q19 are most pronounced in industries where virtual meetings are feasible and in-person expenses like travel & entertainment have scope to decline, for example information technology services, professional services, and product development/wholesale trade. These efficiency improvements from digitization continued in Q1 despite the reopening of the in-person economy and the partial return to corporate office buildings.
The retail sector ranks fourth across industries in terms of pandemic productivity performance, consistent with a boost from ecommerce and from evolving brick-and-mortar business models (expanding curb-side pickup, “Buy Online Pickup In Store”). Timely data indicate these gains persisted in Q2 even as malls reopened and the stimulus boost faded. The composition of retail employment is also consistent with efficiency gains from digitization, with four fewer cashiers and salespeople for every hundred workers (June 2021 vs. 2019).
Decomposing the 1.7pp acceleration in the productivity trend, we find that non-virus-sensitive services account for more than all of the within-industry acceleration (+1.1pp), with retail (+0.1pp) and goods production (+0.3pp) also contributing. We also find that the offsetting drag from still-depressed virus-sensitive categories (-0.7pp) itself has been roughly offset by the temporary boost from industry composition (+1.0pp). A full reversal of the final two effects would bring the annualized productivity trend to +2.8%, double its pre-crisis pace and within a tenth of our fundamental estimates of pandemic efficiency gains.
Company data mirror the productivity growth rebound in the GDP statistics and suggest that it continued into Q2. Operating margins for S&P 1500 nonfinancial services firms are tracking 180bp higher than pre-crisis, with even larger gains in industries where gains from digitization are clear-cut: technology services, professional services, and non-virus-sensitive consumer services.
We continue to expect the evolution of business models and gains in worker efficiency to boost the level of productivity in the nonfarm business sector by around 4% by 2022—or a +1.3pp boost to annual productivity growth over three years. The productivity acceleration to date and our fundamental-based estimates suggest that the output gap is roughly twice as large as the pre-crisis trend would imply (at 4-4.5% in Q2). This would lengthen the runway for expansion as the business cycle matures.
Stronger productivity growth has been one of the silver linings of the coronacrisis. Output per hour in the nonfarm business sector rose 4.1% year-on-year in the first quarter, nearly triple its pre-crisis trend (1.4% since 2006). While year-on-year comparisons can be flattered by the early stages of the crisis, the multi-year trend is also improving (blue line in Exhibit 1). And higher-frequency productivity measures—monthly GDP per worker and the activity-employment spread in business surveys—indicate that the pickup was sustained into the middle of the year (grey and red lines, respectively).
We estimate that the mix shift away from lower-productivity workers or industries accounts for less than 1pp of the cumulative productivity gains as of June (see Exhibit 2), implying a pickup in the underlying trend as well.
In this edition of the Analyst, we explore the composition of the productivity acceleration in order to better understand its drivers and sustainability.
Pandemic Productivity Gains by Sector
In previous research, we argued that the digitization of the workplace would boost efficiency in industries for which virtual meetings are feasible and in-person expenses like travel and entertainment could sustainably decline. If this hypothesis is correct, the composition of coronacrisis productivity gains should be skewed towards these industries as well.
In Exhibit 3, we plot the cumulative growth in industry GDP per employee hour over the last 5 quarters, with dark blue columns representing services industries that are less reliant on face-to-face contact with customers and coworkers. Non-virus-sensitive services take the top 3 spots on this basis, and 4 of the top 6. Productivity in the information technology sector in particular appears to have benefited, probably reflecting a combination of worker efficiency gains and the boost to demand from the pandemic itself.
If gains from workplace digitization are indeed sustainable, the reopening of corporate office buildings and the face-to-face economy should not be associated with a pause or reversal of these trends. And as shown in Exhibit 4, productivity improvement continued during the first quarter in three of these four industries—and it remained stable in the fourth.
A second channel boosting productivity during the pandemic was the accelerated demand shift to ecommerce, which generally requires less labor and real estate than brick-and-mortar retail. On top of this mix shift—which as of this spring shows no sign of reversing—traditional retailers evolved their own business models, expanding curb-side pickup, “Buy Online Pickup In Store”, and fulfillment of online orders directly from stores (as opposed to a distribution center). The combination of these two tailwinds likely explains why the retail sector ranks fourth in productivity growth over the last five quarters, despite the still-depressed level of mall traffic in Q1.
More recent data indicate that retailer productivity gains have persisted even as malls reopened. As shown in the left panel of Exhibit 5, goods consumption growth has continued to handily outpace employment in retail and support occupations like trucking and warehousing. And while the demand boost from the ARP Act stimulus checks likely exaggerated the underlying productivity of the sector in March and April, the May retail sales report and June high-frequency data continue to indicate revenue efficiency gains on the order of 10-15%.
Source: Department of Commerce, Department of Labor, Haver Analytics, Goldman Sachs Global Investment Research
As shown in the right panel of the same exhibit, the composition of retail employment is also consistent with efficiency gains from digitization, with four fewer cashiers and salespeople per hundred workers in the industry (June 2021 vs. 2019 average).
Temporary or Sustainable?
In Exhibit 6, we decompose nonfarm business-sector productivity growth since 4Q19 into three parts: a long-term trend (1.4% annualized since 2006), the contribution from within-industry growth (+0.7pp above trend), and a between-industry impact from changing employment shares (fewer leisure and retail workers on net, a +1.0pp annualized boost). Interestingly, more than all of the within-industry acceleration reflects non-virus-sensitive services (+1.1pp contribution), whereas still-depressed activity levels in virus-sensitive categories (ex-retail) have reduced business-sector productivity growth by 0.7pp (relative to trend).
Looking ahead, we expect most of the virus drag and the composition effect to reverse as the reopening continues, labor supply normalizes, and the economy approaches full employment. Illustratively, a full reversal of both would take the annualized pace of productivity growth to 2.8%. We see this as a reasonable assessment of the underlying pace of efficiency gains so far, and it is also very close to our fundamental estimates of pandemic-related productivity gains (final column, +1.3pp relative to the pre-pandemic trend).
We also do not expect a reversal of the +0.2pp contribution from the manufacturing industry. As an “essential industry” during the pandemic—but also one for which a remote or socially distanced workforce was not viable—the manufacturing sector was forced to confront many of the challenges of the pandemic early on. And it too found ways to adapt, specifically though a combination of safety equipment and protocols, employee quarantines and testing, and advance production- and inventory-planning.
By July 2020, manufacturing production had recovered over two thirds of the March/April collapse. And as shown in Exhibit 7, the full-year productivity results are even more impressive, with stable or higher real GDP per worker hour in nearly all subindustries—with the notable exception of aerospace, where the grounding of the 737-MAX disrupted production plans.
The Corporate Crosscheck
Corporate profit margin data this year mirror the productivity growth rebound and its industry composition. As shown in Exhibit 8, operating margins for publicly traded firms in nonfinancial services industries are tracking 180bp higher than pre-crisis.
Excludes Financials, Real Estate, Utilities, Telecom, and Goods-Producing industries. 2Q21 reflects analyst estimates based on pre-annoucements, company guidance, and projections, as well as actuals where available. SA by GS. Red reflects avearge in 1H21 .
Source: Department of Commerce, Department of Labor, Haver Analytics, Goldman Sachs Global Investment Research
And the improvement has been especially pronounced in the same set of industries where gains from digitization are most clear-cut: information technology services, professional services, and non-virus sensitive consumer services. The expansion of retailer margins this year—even when excluding internet retailers like Amazon and eBay— also echoes the productivity strength in the GDP statistics. Margin improvement most likely continued in these four industry groupings during the rapid reopening of the economy in the second quarter, based on company guidance and analyst estimates.
Change vs. same quarter in 2019. 2Q21 reflects analyst estimates based on pre-annoucements, company guidance, and projections, as well as actuals where avaialble.
Source: Department of Commerce, Department of Labor, Haver Analytics, Goldman Sachs Global Investment Research
Taken together, the GDP by industry and corporate earnings data are consistent with a pickup in the productivity trend from 1½% pre-pandemic to around 3% over 2020-2022. As illustrated in Exhibit 10, the realized productivity acceleration and our fundamental based-estimates imply an output gap of 4-4.5% in Q2—roughly double the amount of economic slack than the pre-crisis productivity trend would imply. If sustained, these efficiency gains could delay the closure of the output gap into 2022 or beyond.
GS estimates reflect a 1.3pp potential boost to nonfarm business sector productivity growth each year during 2020-2022. All potential GDP series assumes GS standing estimate of pre-pandemic output gap (-1.1% in 4Q19).
Investors should consider this report as only a single factor in making their investment decision. For Reg AC certification and other important disclosures, see the Disclosure Appendix, or go to www.gs.com/research/hedge.html.
We, Jan Hatzius, Alec Phillips, David Mericle, Spencer Hill, CFA, Joseph Briggs, Ronnie Walker and Laura Nicolae, hereby certify that all of the views expressed in this report accurately reflect our personal views, which have not been influenced by considerations of the firm's business or client relationships.
Unless otherwise stated, the individuals listed on the cover page of this report are analysts in Goldman Sachs' Global Investment Research division.
See company-specific regulatory disclosures above for any of the following disclosures required as to companies referred to in this report: manager or co-manager in a pending transaction; 1% or other ownership; compensation for certain services; types of client relationships; managed/co-managed public offerings in prior periods; directorships; for equity securities, market making and/or specialist role. Goldman Sachs trades or may trade as a principal in debt securities (or in related derivatives) of issuers discussed in this report.
The following are additional required disclosures: Ownership and material conflicts of interest: Goldman Sachs policy prohibits its analysts, professionals reporting to analysts and members of their households from owning securities of any company in the analyst's area of coverage. Analyst compensation: Analysts are paid in part based on the profitability of Goldman Sachs, which includes investment banking revenues. Analyst as officer or director: Goldman Sachs policy generally prohibits its analysts, persons reporting to analysts or members of their households from serving as an officer, director or advisor of any company in the analyst's area of coverage. Non-U.S. Analysts: Non-U.S. analysts may not be associated persons of Goldman Sachs & Co. LLC and therefore may not be subject to FINRA Rule 2241 or FINRA Rule 2242 restrictions on communications with subject company, public appearances and trading securities held by the analysts.
The following disclosures are those required by the jurisdiction indicated, except to the extent already made above pursuant to United States laws and regulations. Australia: Goldman Sachs Australia Pty Ltd and its affiliates are not authorised deposit-taking institutions (as that term is defined in the Banking Act 1959 (Cth)) in Australia and do not provide banking services, nor carry on a banking business, in Australia. This research, and any access to it, is intended only for "wholesale clients" within the meaning of the Australian Corporations Act, unless otherwise agreed by Goldman Sachs. In producing research reports, members of the Global Investment Research Division of Goldman Sachs Australia may attend site visits and other meetings hosted by the companies and other entities which are the subject of its research reports. In some instances the costs of such site visits or meetings may be met in part or in whole by the issuers concerned if Goldman Sachs Australia considers it is appropriate and reasonable in the specific circumstances relating to the site visit or meeting. To the extent that the contents of this document contains any financial product advice, it is general advice only and has been prepared by Goldman Sachs without taking into account a client's objectives, financial situation or needs. A client should, before acting on any such advice, consider the appropriateness of the advice having regard to the client's own objectives, financial situation and needs. A copy of certain Goldman Sachs Australia and New Zealand disclosure of interests and a copy of Goldman Sachs’ Australian Sell-Side Research Independence Policy Statement are available at: https://www.goldmansachs.com/disclosures/australia-new-zealand/index.html. Brazil: Disclosure information in relation to CVM Resolution n. 20 is available at https://www.gs.com/worldwide/brazil/area/gir/index.html. Where applicable, the Brazil-registered analyst primarily responsible for the content of this research report, as defined in Article 20 of CVM Resolution n. 20, is the first author named at the beginning of this report, unless indicated otherwise at the end of the text. Canada: Goldman Sachs Canada Inc. is an affiliate of The Goldman Sachs Group Inc. and therefore is included in the company specific disclosures relating to Goldman Sachs (as defined above). Goldman Sachs Canada Inc. has approved of, and agreed to take responsibility for, this research report in Canada if and to the extent that Goldman Sachs Canada Inc. disseminates this research report to its clients. Hong Kong: Further information on the securities of covered companies referred to in this research may be obtained on request from Goldman Sachs (Asia) L.L.C. India: Further information on the subject company or companies referred to in this research may be obtained from Goldman Sachs (India) Securities Private Limited, Research Analyst - SEBI Registration Number INH000001493, 951-A, Rational House, Appasaheb Marathe Marg, Prabhadevi, Mumbai 400 025, India, Corporate Identity Number U74140MH2006FTC160634, Phone +91 22 6616 9000, Fax +91 22 6616 9001. Goldman Sachs may beneficially own 1% or more of the securities (as such term is defined in clause 2 (h) the Indian Securities Contracts (Regulation) Act, 1956) of the subject company or companies referred to in this research report. Japan: See below. Korea: This research, and any access to it, is intended only for "professional investors" within the meaning of the Financial Services and Capital Markets Act, unless otherwise agreed by Goldman Sachs. Further information on the subject company or companies referred to in this research may be obtained from Goldman Sachs (Asia) L.L.C., Seoul Branch. New Zealand: Goldman Sachs New Zealand Limited and its affiliates are neither "registered banks" nor "deposit takers" (as defined in the Reserve Bank of New Zealand Act 1989) in New Zealand. This research, and any access to it, is intended for "wholesale clients" (as defined in the Financial Advisers Act 2008) unless otherwise agreed by Goldman Sachs. A copy of certain Goldman Sachs Australia and New Zealand disclosure of interests is available at: https://www.goldmansachs.com/disclosures/australia-new-zealand/index.html. Russia: Research reports distributed in the Russian Federation are not advertising as defined in the Russian legislation, but are information and analysis not having product promotion as their main purpose and do not provide appraisal within the meaning of the Russian legislation on appraisal activity. Research reports do not constitute a personalized investment recommendation as defined in Russian laws and regulations, are not addressed to a specific client, and are prepared without analyzing the financial circumstances, investment profiles or risk profiles of clients. Goldman Sachs assumes no responsibility for any investment decisions that may be taken by a client or any other person based on this research report. Singapore: Goldman Sachs (Singapore) Pte. (Company Number: 198602165W), which is regulated by the Monetary Authority of Singapore, accepts legal responsibility for this research, and should be contacted with respect to any matters arising from, or in connection with, this research. Taiwan: This material is for reference only and must not be reprinted without permission. Investors should carefully consider their own investment risk. Investment results are the responsibility of the individual investor. United Kingdom: Persons who would be categorized as retail clients in the United Kingdom, as such term is defined in the rules of the Financial Conduct Authority, should read this research in conjunction with prior Goldman Sachs research on the covered companies referred to herein and should refer to the risk warnings that have been sent to them by Goldman Sachs International. A copy of these risks warnings, and a glossary of certain financial terms used in this report, are available from Goldman Sachs International on request.
European Union and United Kingdom: Disclosure information in relation to Article 6 (2) of the European Commission Delegated Regulation (EU) (2016/958) supplementing Regulation (EU) No 596/2014 of the European Parliament and of the Council (including as that Delegated Regulation is implemented into United Kingdom domestic law and regulation following the United Kingdom’s departure from the European Union and the European Economic Area) with regard to regulatory technical standards for the technical arrangements for objective presentation of investment recommendations or other information recommending or suggesting an investment strategy and for disclosure of particular interests or indications of conflicts of interest is available at https://www.gs.com/disclosures/europeanpolicy.html which states the European Policy for Managing Conflicts of Interest in Connection with Investment Research.
Japan: Goldman Sachs Japan Co., Ltd. is a Financial Instrument Dealer registered with the Kanto Financial Bureau under registration number Kinsho 69, and a member of Japan Securities Dealers Association, Financial Futures Association of Japan and Type II Financial Instruments Firms Association. Sales and purchase of equities are subject to commission pre-determined with clients plus consumption tax. See company-specific disclosures as to any applicable disclosures required by Japanese stock exchanges, the Japanese Securities Dealers Association or the Japanese Securities Finance Company.
The Global Investment Research Division of Goldman Sachs produces and distributes research products for clients of Goldman Sachs on a global basis. Analysts based in Goldman Sachs offices around the world produce research on industries and companies, and research on macroeconomics, currencies, commodities and portfolio strategy. This research is disseminated in Australia by Goldman Sachs Australia Pty Ltd (ABN 21 006 797 897); in Brazil by Goldman Sachs do Brasil Corretora de Títulos e Valores Mobiliários S.A.; Public Communication Channel Goldman Sachs Brazil: 0800 727 5764 and / or firstname.lastname@example.org. Available Weekdays (except holidays), from 9am to 6pm. Canal de Comunicação com o Público Goldman Sachs Brasil: 0800 727 5764 e/ou email@example.com. Horário de funcionamento: segunda-feira à sexta-feira (exceto feriados), das 9h às 18h; in Canada by either Goldman Sachs Canada Inc. or Goldman Sachs & Co. LLC; in Hong Kong by Goldman Sachs (Asia) L.L.C.; in India by Goldman Sachs (India) Securities Private Ltd.; in Japan by Goldman Sachs Japan Co., Ltd.; in the Republic of Korea by Goldman Sachs (Asia) L.L.C., Seoul Branch; in New Zealand by Goldman Sachs New Zealand Limited; in Russia by OOO Goldman Sachs; in Singapore by Goldman Sachs (Singapore) Pte. (Company Number: 198602165W); and in the United States of America by Goldman Sachs & Co. LLC. Goldman Sachs International has approved this research in connection with its distribution in the United Kingdom.
Effective from the date of the United Kingdom’s departure from the European Union and the European Economic Area (“Brexit Day”) the following information with respect to distributing entities will apply:
Goldman Sachs International (“GSI”), authorised by the Prudential Regulation Authority (“PRA”) and regulated by the Financial Conduct Authority (“FCA”) and the PRA, has approved this research in connection with its distribution in the United Kingdom.
European Economic Area: GSI, authorised by the PRA and regulated by the FCA and the PRA, disseminates research in the following jurisdictions within the European Economic Area: the Grand Duchy of Luxembourg, Italy, the Kingdom of Belgium, the Kingdom of Denmark, the Kingdom of Norway, the Republic of Finland, Portugal, the Republic of Cyprus and the Republic of Ireland; GS -Succursale de Paris (Paris branch) which, from Brexit Day, will be authorised by the French Autorité de contrôle prudentiel et de resolution (“ACPR”) and regulated by the Autorité de contrôle prudentiel et de resolution and the Autorité des marches financiers (“AMF”) disseminates research in France; GSI - Sucursal en España (Madrid branch) authorized in Spain by the Comisión Nacional del Mercado de Valores disseminates research in the Kingdom of Spain; GSI - Sweden Bankfilial (Stockholm branch) is authorized by the SFSA as a “third country branch” in accordance with Chapter 4, Section 4 of the Swedish Securities and Market Act (Sw. lag (2007:528) om värdepappersmarknaden) disseminates research in the Kingdom of Sweden; Goldman Sachs Bank Europe SE (“GSBE”) is a credit institution incorporated in Germany and, within the Single Supervisory Mechanism, subject to direct prudential supervision by the European Central Bank and in other respects supervised by German Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht, BaFin) and Deutsche Bundesbank and disseminates research in the Federal Republic of Germany and those jurisdictions within the European Economic Area where GSI is not authorised to disseminate research and additionally, GSBE, Copenhagen Branch filial af GSBE, Tyskland, supervised by the Danish Financial Authority disseminates research in the Kingdom of Denmark; GSBE - Sucursal en España (Madrid branch) subject (to a limited extent) to local supervision by the Bank of Spain disseminates research in the Kingdom of Spain; GSBE - Succursale Italia (Milan branch) to the relevant applicable extent, subject to local supervision by the Bank of Italy (Banca d’Italia) and the Italian Companies and Exchange Commission (Commissione Nazionale per le Società e la Borsa “Consob”) disseminates research in Italy; GSBE - Succursale de Paris (Paris branch), supervised by the AMF and by the ACPR disseminates research in France; and GSBE - Sweden Bankfilial (Stockholm branch), to a limited extent, subject to local supervision by the Swedish Financial Supervisory Authority (Finansinpektionen) disseminates research in the Kingdom of Sweden.
This research is for our clients only. Other than disclosures relating to Goldman Sachs, this research is based on current public information that we consider reliable, but we do not represent it is accurate or complete, and it should not be relied on as such. The information, opinions, estimates and forecasts contained herein are as of the date hereof and are subject to change without prior notification. We seek to update our research as appropriate, but various regulations may prevent us from doing so. Other than certain industry reports published on a periodic basis, the large majority of reports are published at irregular intervals as appropriate in the analyst's judgment.
Goldman Sachs conducts a global full-service, integrated investment banking, investment management, and brokerage business. We have investment banking and other business relationships with a substantial percentage of the companies covered by our Global Investment Research Division. Goldman Sachs & Co. LLC, the United States broker dealer, is a member of SIPC (https://www.sipc.org).
Our salespeople, traders, and other professionals may provide oral or written market commentary or trading strategies to our clients and principal trading desks that reflect opinions that are contrary to the opinions expressed in this research. Our asset management area, principal trading desks and investing businesses may make investment decisions that are inconsistent with the recommendations or views expressed in this research.
We and our affiliates, officers, directors, and employees, will from time to time have long or short positions in, act as principal in, and buy or sell, the securities or derivatives, if any, referred to in this research, unless otherwise prohibited by regulation or Goldman Sachs policy.
The views attributed to third party presenters at Goldman Sachs arranged conferences, including individuals from other parts of Goldman Sachs, do not necessarily reflect those of Global Investment Research and are not an official view of Goldman Sachs.
Any third party referenced herein, including any salespeople, traders and other professionals or members of their household, may have positions in the products mentioned that are inconsistent with the views expressed by analysts named in this report.
This research is focused on investment themes across markets, industries and sectors. It does not attempt to distinguish between the prospects or performance of, or provide analysis of, individual companies within any industry or sector we describe.
Any trading recommendation in this research relating to an equity or credit security or securities within an industry or sector is reflective of the investment theme being discussed and is not a recommendation of any such security in isolation.
This research is not an offer to sell or the solicitation of an offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. It does not constitute a personal recommendation or take into account the particular investment objectives, financial situations, or needs of individual clients. Clients should consider whether any advice or recommendation in this research is suitable for their particular circumstances and, if appropriate, seek professional advice, including tax advice. The price and value of investments referred to in this research and the income from them may fluctuate. Past performance is not a guide to future performance, future returns are not guaranteed, and a loss of original capital may occur. Fluctuations in exchange rates could have adverse effects on the value or price of, or income derived from, certain investments.
Certain transactions, including those involving futures, options, and other derivatives, give rise to substantial risk and are not suitable for all investors. Investors should review current options and futures disclosure documents which are available from Goldman Sachs sales representatives or at https://www.theocc.com/about/publications/character-risks.jsp and https://www.fiadocumentation.org/fia/regulatory-disclosures_1/fia-uniform-futures-and-options-on-futures-risk-disclosures-booklet-pdf-version-2018. Transaction costs may be significant in option strategies calling for multiple purchase and sales of options such as spreads. Supporting documentation will be supplied upon request.
Differing Levels of Service provided by Global Investment Research: The level and types of services provided to you by the Global Investment Research division of GS may vary as compared to that provided to internal and other external clients of GS, depending on various factors including your individual preferences as to the frequency and manner of receiving communication, your risk profile and investment focus and perspective (e.g., marketwide, sector specific, long term, short term), the size and scope of your overall client relationship with GS, and legal and regulatory constraints. As an example, certain clients may request to receive notifications when research on specific securities is published, and certain clients may request that specific data underlying analysts’ fundamental analysis available on our internal client websites be delivered to them electronically through data feeds or otherwise. No change to an analyst’s fundamental research views (e.g., ratings, price targets, or material changes to earnings estimates for equity securities), will be communicated to any client prior to inclusion of such information in a research report broadly disseminated through electronic publication to our internal client websites or through other means, as necessary, to all clients who are entitled to receive such reports.
All research reports are disseminated and available to all clients simultaneously through electronic publication to our internal client websites. Not all research content is redistributed to our clients or available to third-party aggregators, nor is Goldman Sachs responsible for the redistribution of our research by third party aggregators. For research, models or other data related to one or more securities, markets or asset classes (including related services) that may be available to you, please contact your GS representative or go to https://research.gs.com.
Disclosure information is also available at https://www.gs.com/research/hedge.html or from Research Compliance, 200 West Street, New York, NY 10282.
© 2021 Goldman Sachs.
No part of this material may be (i) copied, photocopied or duplicated in any form by any means or (ii) redistributed without the prior written consent of The Goldman Sachs Group, Inc.