Goldman Sachs revised down the odds of a U.S. recession happening in the next 12 months, cutting the probability down to 20% from 25% on the back of positive economic activity. The investment bank’s chief economist, Jan Hatzius, cited a slew of better-than-expected economic data in a research report released Monday. “The main reason for our cut is that the recent data have reinforced our confidence that bringing inflation down to an acceptable level will not require a recession,” he said. The chief economist cited resilient U.S. economic activity, saying second-quarter GDP growth was tracking at 2.3%. The rebound in consumer sentiment and unemployment levels falling to 3.6% in June also added to Goldman’s optimism. The U.S. economy expanded 2% at an annualized pace in the first quarter. Last Thursday, data from the Labor Department showed that initial jobless claims fell to 239,000 for the week ended June 24, well below estimates.