Barclays Trims U.S. Q4 GDP Estimate To 0.7% After Inventory Data

The economic team at Barclays on Friday cut its tracking estimate of U.S. fourth-quarter gross domestic product to an 0.7% annual rate from 1.1% after November wholesale trade data fell more than expected. The Commerce Department reported inventories fell 0.3% in November, and also sharply revised down the prior estimate of October's inventory decline to 0.3% from 0.1%. Barclays said the change in private inventories likely subtracted 0.9 percentage points from fourth-quarter growth. The U.S. economy grew at a 2% rate in the third quarter.