Weak construction spending one of the culprits

The tracking estimate had been trending higher.

Here's what they had to say:

"After this morning's construction spending release from the U.S. Census Bureau and this morning's Manufacturing ISM Report On Business from the Institute for Supply Management, the forecast for real residential investment growth decreased from 7.9 percent to 4.2 percent, the forecast for real nonresidential structures investment growth decreased from -2.8 percent to -6.5 percent, and the forecast for real government spending growth decreased from 1.2 percent to 0.4 percent."

Separately, Morgan Stanley lowered its Q2 tracker to 2.0%.