Here Comes GDP...
REUTERS/Yuya ShinoThe national flags of Japan and the U.S. are seen in front of a monitor displaying a graph of recent fluctuations of the Japanese yen's exchange rate against the U.S. dollar at a foreign exchange trading company in Tokyo December 19, 2013. At 8:30 a.m. ET, we'll get a new estimate for Q3 GDP growth.
Economists estimate Q3 GDP growth will be revised up to 4.3% from an earlier estimate of 3.9%.
From Morgan Stanley's Ted Wieseman: "Inputs released since the first revision to 3.9% from 3.5% point to a substantial further upward adjustment to Q3 growth on stronger consumption and business investment. The Census Bureau's quarterly services survey showed much better growth in hospital and doctors' offices revenues in Q3 than BEA assumed, pointing to a significant upward revision to healthcare services consumption. Along with a bit of a boost from an upward adjustment to core retail sales in September, we see overall consumption being lifted to 2.9% from 2.2%. The QSS also showed better results for the source data for business software spending, pointing to an upward revision to the intellectual property products component of business investment. And the last construction spending report showed large upward revisions to August and September business spending, pointing to upside in structures investment."
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