2Q GDP Likely Much Worse Than First Thought

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Get ready for a bump. Economists expect today’s second quarter GDP revision, the second of three estimates, to be sharply lower than previously thought.

Due to inventory adjustments, GDP might have shrunk 1.5% vs. 1.0% reported last month. This lower number would nevertheless still┬ábe an improvement over the first quarter’s sharp contraction, so at least the economy’s improving trend will be intact.

The official revision is due at 8:30 a.m. today.

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