Barclays Cuts Q1, Q2 GDP Forecasts Following Inline Wholesale Inventories Data

A strategist at Barclays lowered his forecasts for US GDP following Tuesday morning's inline wholesale inventories reading for the month of April. Peter Newland now sees Q1 GDP around 1.1 percent growth, down from a prior forecast of 1.2 percent. Newland is expecting Q2 GDP growth of 2.2 percent, down from 2.3 percent previously. The second reading for Q1 GDP was out on May 30th, showing the US economy grew 2.4 percent. The next and final revision for Q1 GDP will be out on June 26th at 8:30AM EDT.