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The third read on fourth quarter GDP would normally be a ho hum event, but Thursday’s report could contain some important insights about first quarter growth.
Economists are looking to see what kind of revisions will show up in personal consumption, and then whether that could spill into the February personal consumption number, released Friday.
There is also important weekly jobless claims data, at 8:30 a.m. ET, and a 1 p.m. auction of $29 billion in 7-year notes.
Fed Chairman Ben Bernanke is back in class, scheduled to give his final lecture at George Washington at 12:45 p.m. ET, and Philadelphia Fed President Charles Plosser speaks at 1 p.m. on the economy, in Wilmington, Del. Richmond Fed President Jeffrey Lacker speaks at 10:30 a.m. ET.
“If GDP is revised up in the fourth quarter, and I think it will be that makes it, at the margins, even more impressive that the economy was able to recover in the second half of last year, given all the shocks it faced,” said Deutsche Bank chief U.S. economist Joseph LaVorgna. He expects fourth-quarter GDP to come in at 3.3 percent, up from 3 percent.
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