The soft US trade data today led to a downgrade in JPMorgan’s GDP tracking estimate. The trade deficit was -46.56bn vs -38.0bn exp.
“For Q1 we continue to look for 3.0% growth, though there is a little bit of downside risk there and we need a good retail sales report next week to stay on track with that call,” JPMorgan economist Michael Feroli wrote.
Earlier, Barclays lowered its tracking estimate to 2.3% from 2.5%.
The first official estimate from the government was 2.6%.
