Growth downgrades continue
There were a handful of growth downgrades yesterday after the soft US construction spending report. They've continued today and the latest is from Deutschebank.
According to chief economist Joe Lavorgna, the change is largely due to less inventory building.
The revision lowers their 2015 growth projection to 1.7% from 2.0%.
Yesterday, Morgan Stanley's US GDP tracker were lowered to 0.5% from 0.9% after the manufacturing and construction data. Barclays has lowered its estimate to 1.3% while JP Morgan's moved down to 1.0% from 2.0% on the worse construction numbers.
