GROSS DOMESTIC PRODUCT
Friday, July 29, 8:30 a.m.
The median MMS forecast expects that real GDP grew at a 3.8% annual rate in the second quarter, a bit higher than the 3.4% pace of the first period. However, the range is fairly wide, from a 1.3% blip to a 4.5% blast. Inventory accumulation and a construction rebound likely offset slower consumer spending and a wider trade deficit. The price deflator likely increased at a 2.7% annual rate, on par with the 2.6% gain in the first quarter. Commerce will also release revisions to the economy back to the first quarter af 1991, the start of the current expansion.