HERE COMES GDP...

Heads up! We are minutes away from the first look at Q2 U.S. GDP figures, due out at 8:30 AM ET.

Market economists predict on average that the U.S. economy grew 1.0% at an annualized pace in the second quarter after posting 1.8% growth in Q1. Personal consumption is expected to have risen 1.6% after a 2.6% advance in Q1.

The main culprits behind the slowdown in growth: sequestration of the federal budget earlier this year and an attendant knock to consumer spending.

Also of note are the benchmark revisions included in the report, which will affect the GDP data going back to 1929. Economists predict the revisions will show that the recent recession was deeper than expected, but that the subsequent recovery was also stronger than expected. This should add a few percentage points to the level of GDP.

We will have the full release LIVE at 8:30 AM ET. Click here to refresh for the latest >