Business Outlook: THE WEEK AHEAD
GROSS DOMESTIC PRODUCT (REV.)
Friday, Aug. 26, 8:30 a.m.
The MMS survey expects that the Commerce Dept. will likely revise second-quarter GDP growth to a 3.9% annual rate, from the 3.7% pace originally reported. Last quarter's growth would still be faster than 3.3% increase in the first quarter. The upward revisions to the monthly retail sales data suggest that consumer spending was stronger than first thought, and inventory accumulation may also be lifted. Revisions to inflation, as gauged by the GDP price deflator, were probably minor, with prices increasing at a modest 2.9% annual rate. Looking at the third quarter, the MMS median forecast projects that the economy is now growing at a slower, 2.5% pace.