Atlanta Fed GDPNow model forecast cut in half

Yesterday's weak advance trade balance number led to a sharp downward revision in its GDP tracking estimate to +0.9% from +1.8%.

They see trade cutting 0.9 percentage points from third quarter growth in the US. Goldman Sachs and Barclays trimmed US Q3 growth estimates today on soft construction spending so there's more downside risk to the Atlanta Fed model still in the pipeline.

Final trade balance numbers are due October 6. The first estimate of Q3 GDP is due Oct 29.