by Calculated Risk on 5/14/2015 06:43:00 PM

From Professor Tim Duy: Get Used To It

Bottom Line: We probably need to get used to the occasional negative GDP growth numbers in the context of overall expansion for the US economy. The concept of "stall speed" will need to be revised accordingly.

Yes, due to demographics, 2% GDP growth is the new 4%.

Friday:
• At 8:30 AM ET, the NY Fed Empire State Manufacturing Survey for May. The consensus is for a reading of 5.0, up from -1.2 last month (above zero is expansion).

• At 9:15 AM, the The Fed will release Industrial Production and Capacity Utilization for April. The consensus is for no change in Industrial Production, and for Capacity Utilization to be unchanged at 78.4%.

At 10:00 AM, the University of Michigan's Consumer sentiment index (preliminary for May). The consensus is for a reading of 95.8, down from 95.9 in April.