Here Comes GDP...
Expectations are for the headline GDP number to fall slightly, to 3.3% from the initial 3.5% reading, which beat expectations.
In a note to clients ahead of the report, Ian Shepherdson at Pantheon Macro said that the expected downshift in the annualized growth rate during the third quarter, "will be explained by a hit to the contribution from net foreign trade, and a smaller drag from construction spending."
Shepherdson said that stronger consumption and inventory building should "limit the damage."
This report will also contain inflation data in the form of personal consumption expenditures, or PCE, which is expected to show prices rose in the third quarter at an annualized rate of 1.9%, up from 1.8% in the first reading.
On a quarter-on-quarter basis, PCE is expected to rise 0.4%, down from the initial 0.5% reading.