- JPM cut their GDP tracker to 3.9% from 4.2%
- Barclays cut to 4.1% from 4.3%
- Goldman’s 3.9% to 4.2%
It’s pretty hard to take much out of the report today but the inventory numbers do have a marked effect on GDP. The first Q2 GDP estimate last week had inventories contributing 1.66 percentage points to GDP.
The problem with a lot of US data is that the revisions can be pretty choppy. By the time we get the full clear picture we’re miles down the road and already processing the next quarters data. Given what we’ve seen so far there’s not too much to panic about.
