Here Come The Q3 GDP Downgrades…

Following the significantly weaker-than-expected spending data, the sell-side has begun its inglorious downgrades of the exuberant hockey-stick growth expectations they all extrapolated off Q1 lows… Goldman cut from 3.3% to 3.1% and Barclays slashed Q3 GDP expectations from 2.7% to a mere 2.2%.
Via Goldman,
BOTTOM LINE: The July personal spending numbers were softer than expected, while personal income and the PCE price index were close to expectations. We reduced our Q3 GDP tracking estimate by two-tenths to 3.1%.

This post was published at Zero Hedge on 08/29/2014.