Construction spending better in August but revisions weigh
Goldman Sachs lowered its Q3 GDP estimate to 2.0% from 2.1% and Barclays cut its tracking estimate to 1.5% from 1.6%.
Both were as a result of the construction spending report. The August headline was stronger at +0.7% compared to +0.5% expected but the stronger number was more-than balanced by a downward revision to July to +0.4% from +0.7%.
