Goldman Sachs cut its U.S. economic growth target to 5.6% for 2021 and to 4% for 2022 citing an expected decline in fiscal support through the end of next year and a more delayed recovery in consumer spending than previously expected.

The firm previously expected 5.7% gross domestic product (GDP) growth in 2021 and 4.4% growth in 2022, according to research released on Sunday from authors including its chief economist Jan Hatzius.

They pointed to a “longer lasting virus drag on virus-sensitive consumer services” as well as an expectation that semiconductor supply likely will not improve until the first half of 2022, delaying inventory restocking until next year.