JP Morgan Says GDP Revision to be Below 1% for Q3

"The July durable goods report was a major disappointment and raises the risk that third quarter GDP growth prints below 1%...The downshift in the pace of capital spending is particularly worrying as this was the strongest, most reliable sector of the economy over the past year...Inventories at manufacturers of durable goods increased $1.8 billion in July, well below the $3.3 billion average increase in stocks over the prior three months--another factor which lends downside risk to Q3 GDP growth."