Goldman slashes US GDP forecast on weak income and spending data

Goldman Sachs has cut its third quarter US GDP forecast from 1.7 per cent to 1.5 per cent after the release of weak data.

US personal incomes grew by just 0.1 in July, economists had expected an increase of 0.2 per cent, matching last month's increase.

Spending grew at the same 0.1 per cent rate, below analyst estimates of 0.3 per cent growth. That's slightly down from last month's 0.5 per cent uptick.

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