Following the weak retail sales report, Q4 GDP estimates have been revised down.
From Goldman Sachs:
The retail sales report indicated a considerably weaker pace of fourth quarter consumption growth than we had previously assumed. Reflecting this and lower-than-expected November business inventories, we lowered our Q4 GDP tracking estimate by five tenths to +2.0{01de1f41f0433b1b992b12aafb3b1fe281a5c9ee7cd5232385403e933e277ce6} (qoq ar).
From Merrill Lynch:
Weak retail sales data and inventory build caused a 0.8pp decline in our 4Q GDP tracking estimate to 1.5{01de1f41f0433b1b992b12aafb3b1fe281a5c9ee7cd5232385403e933e277ce6} from 2.3{01de1f41f0433b1b992b12aafb3b1fe281a5c9ee7cd5232385403e933e277ce6}
SOURCE: Calculated Risk – Read entire story here.
