Here's What To Expect From The Four Big Economic Events That Are Happening Today

It's a big day for the economy, as we have lots of fresh data out, and an FOMC meeting.

Via Calculated Risk, here are the expectations:

• At 8:15 AM, the ADP Employment Report for July. This report is for private payrolls only (no government). The consensus is for 179,000 payroll jobs added in July, down from 188,000 in June.

• At 8:30 AM, the BEA will release the advance estimate of Q2 GDP. The consensus is that real GDP increased 1.1% annualized in Q2. This report will includes a Comprehensive Revision from 1929 through 1st quarter 2013.

• At 9:45 AM, the Chicago Purchasing Managers Index (PMI) for July. The consensus is for an increase to 54.0, up from 51.6 in June.

• Ar 2:00 PM, the FOMC Meeting Announcementwill be released. No change to interest rates or QE purchases is expected at this meeting.

GDP will probably get all the headlines, but an argument could be made that ADP will be the most important, as it's a preview of Friday's jobs report, and Friday's jobs report has significant implications for the Fed, and what it's going to do at its September meeting.