Here comes GDP …

American flag construction workers

The Commerce Department will release its first estimate of second-quarter gross domestic product at 8:30 a.m. ET.

This advance report, based on incomplete data, is forecast to show that economic growth accelerated to a 2.7% pace from 1.4% in the first quarter, according to Bloomberg.

Consumers likely did much of the heavy lifting by increasing their spending. Personal consumption, which makes the biggest contribution to growth, is forecast to rise by 2.8%, up from 1.1% in the first quarter.

Car and car-part dealers may have also improved in the second quarter after subtracting from growth in the first amid a slowdown in auto sales.

“It is important to keep in mind that the [Bureau of Economic Analysis] will release its annual update to GDP in addition to the advance Q2 figures,” Deutsche Bank’s Brett Ryan said in a note. “This means that inflation-adjusted output going back to 2014 is subject to revision. These revisions can at times meaningfully impact analysts’ assessments of recent growth trends.”

More to come …