Economists Across Wall Street Are Axing Their Forecasts For US Growth

Today's disappointing U.S. retail sales report is sending shockwaves across Wall Street's economics departments.

"The disappointing 0.4% m/m rise in US retail sales values in June increases the chances that GDP grew at an annualised rate of less than 1% in the second quarter," said Capital Economics' Paul Dales.

Barclays just cut its Q2 GDP growth tracking estimate to 0.5% from 0.6%, reports CNBC's Bob Pisani.

According to Zero Hedge, Goldman Sachs cut its GDP forecast to 1.0% from 1.3%.

"Today's number complicates Q2 GDP estimates," tweeted BTIG's Dan Greenhaus. "Q2 should be less than 1.0%, the second time in 3 qtrs GDP is less than 1.0%. That's not very good."