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 be 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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