We’ll likely hear this hour that the U.S. economy slowed in the third quarter, with gross domestic product growth at a 2 percent annual rate vs. the previous quarter’s 2.5 percent, forecasters tell Reuters.
If that is what Bureau of Economic Analysis says when it releases its latest data at 8:30 a.m. ET, it will be confirmation that even before the 16-day partial government shutdown in October, the economy was cooling.
News of slower growth before the shutdown would also support the view of many experts that “it’s difficult to see the economy taking off in the near term,” Standard Chartered Bank economist Thomas Costerg says in Reuters’ report.
This morning’s report will be the first of three in coming months about the third quarter. As happened with the second-quarter data, initial estimates are often revised. The bureau initially said growth in the second quarter registered at just a 1.7 percent annual rate. As more data came in, it raised the estimate to that 2.5 percent annual rate.
Also due at 8:30 a.m. ET: The latest data on weekly claims for jobless benefits.