The third time is a charm
At the beginning, we thought it was 2.6%, and then it was revised to +3.0%, but today, we’re going to get the third estimate.
It is presented as the «final» reading, but benchmark revisions and other changes, but it will no doubt 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. Otherwise, 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 the personal consumption, which is expected to increase by 3.3% as a result of the credit card is the fastest growing pumping of innovation in history.
With the data, we also get initial jobless claims, trade balance and wholesale inventories.