Barclays and Goldman Sachs lower US Q3 GDP estimates

Tracking estimates cut after inventory data

Softer US inventories and sales led to downgrades in US GDP tracking estimates.

Barclays now sees the US growing 1.2% in Q3, compared to 1.5% in its previous tracking estimate.

Goldman Sachs cut its tracker to 1.5% from 1.7% with "inventories subtracting 1.7 percentage points from quarterly growth." (h/t @zerohedge for that one)

The Atlanta Fed GDPNow estimate is currently at 1.1% and is not scheduled to be revised until after US retail sales on Tuesday.

US growth ran +0.6% in Q1 and +3.9% in Q2. Growth around 1.4% in Q3 would put growth right around 2% with a slight uptick (around 2.7%) expected in Q4.