NEW YORK – Barclays economists on Tuesday upgraded their forecast for U.S. gross domestic product in the fourth quarter to 2.7 percent annualized rate from 2.5 percent following a larger-than-expected 0.8 percent rise in retail sales in October. [nLNNFMEC7W] [nLLAFMECAB]
Continue Reading Below
"Retail sales were significantly stronger than expected in October, and the previous month���s data were revised higher, suggesting solid momentum in consumer spending into Q4," the Barclays economists wrote in a research note.
(Reporting by Richard Leong; Editing by Chizu Nomiyama)