Here comes GDP ...

us usa flag work workerA worker cleans a stage to prepare for a celebration for Democratic Governor Andrew Cuomo once the results of the U.S. gubernatorial race are official in New York, November 4, 2014. REUTERS/Lucas Jackson

A second estimate of third-quarter GDP is expected to show the US economy grew at a 3.2% annualized rate, according to Wall Street economists surveyed by Bloomberg. This would be an improvement from October's advanced reading of 3%.

The advanced reading was the first picture of the economy since hurricanes Irma and Maria slammed into the Southeastern US. At the time of the release, economists were expecting growth to slow to 2.6%.

The US economy has registered growth of at least 3%, President Donald Trump's stated target, in each of the last two quarters. The 3.1% print for the second quarter, was the fastest pace of growth for the US economy in two years.

The data is likely going to be good enough to keep the Federal Reserve on track to raise rates at its December meeting. Ahead of the report, there's a 95.9% chance a rate hike will happen at the December meeting, according to Bloomberg's world interest rate probability data.

The report will be released by the Commerce Department at 8:30 a.m. ET.

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