U.S. GDP Likely to be Revised Lower

[West Coast Democrat]

http://cbs.marketwatch.com/news/story.asp?guid=%7B5FD3B025%2DBDBB%2D4484%2D9906%2DE7B68931BD30%7D&siteid=mktw

WASHINGTON (CBS.MW) - Financial markets are bracing for a downward revision to U.S. second-quarter gross domestic product to be released Friday.

The first estimate had U.S. economic growth slowing from a 4.5 percent pace in the first quarter to a 3 percent annual rate in the second quarter as consumer spending stalled. The revision on Friday should show growth was even slower. Economists surveyed by CBS MarketWatch are predicting a revision to 2.7 percent. The report will be released at 8:30 a.m.

"Treasuries may react to the expected knock to second-quarter GDP growth below 3 percent, as it may raise concerns about the expansion," said Michael Englund, chief economist for Action Economics. "Also, the concentration of weakness in the trade data will lead to questions about the historical unprecedented uptrend in the U.S. current account deficit."

(snip)

Later in the morning, the University of Michigan's consumer sentiment index will be leaked to the media. In early August the index surprisingly dropped to 94.0 from 96.7 in July. Analysts don't expect much change from the preliminary reading.

[MichiganVote]

1. The case of hidden inflation. Must be where the WMD are.

[Maple]

2. Can't get the link to work

[West Coast Democrat]

3. I fixed it now

Please try again

[Maple]

4. Many thanks....

I'd really like to read it.

On edit...bingo! Thanx again!

[Kahuna]

5. The "W" shaped recession is coming. I keep telling ya'll.

nt

[Wallys World]

6. If only the government would be fucking honest

then Mr. Bumfuck would be impeached and thrown into the World Court as the stars shows.