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Street economists cut Q3 GDP estimates after retail sales miss

A shopper browses the fresh meat case at a Kroger-owned store in Orland Park, Illinois.
Daniel Acker | Bloomberg | Getty Images

Wall Street economists trimmed their third-quarter growth estimates to below 3 percent after retail sales fell more than expected in August.

Third-quarter GDP tracking estimates fell 0.2 percent to 2.8 percent, according to the median estimate of economists polled in CNBC/Moody's Analytics GDP rapid update. The average estimate was 2.9 percent.

In the second quarter, real GDP grew at an annual rate of 1.1 percent, according to the second estimate by the Bureau of Economic Analysis. First-quarter GDP grew by 0.8 percent.