No link yet — this one is hot off of Twitter — but Goldman Sachs has lowered Q2 GDP growth to just 1.1%, down from 1.3%. Unexpectedly, I’m sure. Previous estimates for Q2 were 1.5% and before that, 2.0%. Today’s revised estimate is because of this:
In the U.S., retail sales dropped 0.5 percent in June, following a 0.2 percent decrease in May, Commerce Department figures showed today in Washington. The decline was worse than the most-pessimistic forecast in a Bloomberg News survey in which the median projection called for 0.2 percent rise. The June decrease was broad-based, including car dealers, department stores and gasoline stations.
But let’s please talk about Mitt Romney’s tax returns some more this week.