Goldman Sachs cuts US Q4 GDP forecast on soft data

Another wave of downgrades coming

It's not a pretty picture at the moment as a round of soft economic data compounds global economic worries.

Goldman Sachs just lowered its Q4 US GDP estimate to 1.1% from 1.4% after weak retail sales and business inventories today.

The Atlanta Fed is also due to revise it's GDPNow forecast. The current estimate of 0.8% will be revised lower, likely to something close to 0.8%. It's usually updated shortly after 1700 GMT (noon ET).