Goldman’s Jan Hatzius Just Cut His Q2 GDP Estimate

“$GS chief U.S. economist Jan Hatzius and his team lowered their tracking estimate of Q2 GDP growth to 1.6 percent from 1.8 percent on the back of weak retail sales data out of the United States this morning.

Hatzius wrote in a note to clients that “key details of the report were weaker than the consensus had expected,” including non-auto retail sales, which were down 0.4 percent, and “core”/control retail sales — a metric that strips autos, gasoline, and building materials out of the number — which came in flat at 0 percent.”

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