Here comes GDP ...

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The Commerce Department will at 8:30 a.m. release its first estimate of US gross domestic product in the first quarter.

Economists forecast that GDP, the value of all goods and services produced in the US, increased at an annualized rate of 2%, according to Bloomberg. Growth in the fourth quarter was reported at a 2.9% rate.

During most of this recovery, first-quarter growth has tended to undershoot the rest of the year because of seasonal adjustment issues related to how the Bureau of Economic Analysis factors in unusual changes in economic activity. For example, the BEA adjusts for the fact that people tend to spend more around the holidays, and so higher consumption in that season doesn't reflect an underlying shift in the economy's health.

Consumer spending, the biggest contributor to the economy, is forecast to rise by 1.1%, down from 4% in the previous quarter. According to Pantheon Macroeconomics' Ian Shepherdson, spending likely slowed because its surge in the fourth quarter was unsustainable, as people replaced items destroyed by the summer hurricanes.

If first-quarter GDP reads as expected, it would mark the first quarter in four when growth didn't come close to or exceed President Donald Trump's 3% target. Although the full impact of tax cuts and higher government spending hasn't yet materialized, many economists have said the 3% target is unsustainable. That is partly because productivity growth has slowed over the years.

More to come, refresh this page for updates.