JPMorgan lowers US Q1 GDP estimate to 2.0% from 2.5% after retail sales

GDP estimates continue to slide

The number isn’t so critical but the direction of revisions has been steadily lower since the start of the quarter.

This is due to today’s retail sales report.

Business inventories, on the other hand, were a positive contributor to GDP but JPMorgan likely already had that priced in.

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