by Calculated Risk on 9/25/2014 08:55:00 PM

From Merrill Lynch:

We look for 2Q GDP growth to be revised up yet again, likely by another 0.6pp bringing GDP growth to 4.8% qoq saar. Revisions to construction data suggest greater investment in nonresidential structures and slightly more residential construction. We also expect the trade data to be adjusted to show a narrower deficit. Inventories should also be revised lower, perhaps adding 1.3pp to growth versus the prior estimate of 1.7pp. Spending on consumer services will also likely be revised, but there is uncertainty on the magnitude.

Friday:
• At 8:30 AM ET, Gross Domestic Product, 2nd quarter 2014 (third estimate). The consensus is that real GDP increased 4.6% annualized in Q2, up from 4.2% in the second estimate.

• At 9:55 AM, Reuter's/University of Michigan's Consumer sentiment index (final for September). The consensus is for a reading of 84.6, unchanged from the preliminary reading of 84.6, and up from the August reading of 82.5.