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US Week Ahead: Durable Goods, GDP, PCE, Cons Conf, UMich Sent, Housing
Q3 real GDP growth likely revised lower (3.2% vs 3.5%) primarily due to a wider-than-expected September trade deficit. When the BEA puts together the first estimate for GDP growth they make assumptions for the last month of the quarter’s figures for international trade and business inventories, as they are released with a lag. The September net export figures were less than forecast, trimming 0.4 points from the initial 3.5% quarterly growth estimate. The inventory figures for non-auto wholesale inventories came in higher than expected, partly offsetting the trade-related decline. Revisions to core retail sales ... (full story)