Third time is a charm
At first we thought it was +2.6%, then it was revised to +3.0% but today we will get the third guesstimate.
It’s billed as the ‘final’ reading but benchmark revisions and other changes but it will undoubtedly be revised again in the future.
Still, we trade on it because we need to believe in man’s ability to accurately measure things like growth, inflation and productivity. If not, the whole system wouldn’t really make sense.
The consensus is 3.0%, so no change from the second reading. Also keep an eye on personal consumption, which is forecast to rise 3.3% because the credit card is the greatest growth-pumping innovation in history.
Along with the data, we also get initial jobless claims, trade balance and wholesale inventories.