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.
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