LAST WEEK

News & Commentary Weekly Highlights:

• Wall Street Journal: Critics of the Free Market Shouldn’t Overreach (Wednesday)
• Real Clear Markets: We Vastly Exaggerated the Fed’s Powers (Tuesday)
• Bloomberg Business: These Are the Careers Where Workers Are Seeing the Highest Pay Growth (Tuesday)
• Gallup: Investors See Taxes as Biggest Drag on Investment Climate (Monday)
• Wall Street Journal: Eurozone Nears Limits of What Monetary Policy Can Do (Sunday)

 

Top Economic Indicator Highlights:

Gross Domestic Product (third estimate, Q2)

• Real GDP Quarterly Change (annual rate): 3.9%, Previous quarter: 0.6%, Recovery avg.: 2.2%
• Noteworthy: The upward revision from 3.7% in the second estimate primarily reflected greater positive contributions from personal consumption expenditures and nonresidential fixed investment than expected. Real gross domestic income (GDI) was revised to 0.7%. The average of real GDP and real GDI was 2.3% in the second quarter. The “advance” estimate of GDP for the third quarter will be released on October 29.
• Current Forecasts for Q2 2015: The Federal Reserve Bank of Atlanta’s current third quarter 2015 forecast for annualized real GDP growth is 1.4%, and Wells Fargo estimates 1.8%. Wall Street Journal’s survey of economists expects an increase of 2.4% growth.

 

THIS WEEK

Upcoming Economic Reports & Releases:

Major Indicators

• Personal Income and Outlays (8:30am, Monday)
• Pending Home Sales Index (10am, Monday)
• S&P Case-Shiller Home Price Index (9am, Tuesday)
• Motor Vehicle Sales (Thursday)
• Institute for Supply Management Manufacturing Index (10am, Thursday)
• Construction Spending (10am, Thursday)
• Employment Situation (8:30am, Friday)
• Factory Orders (10am, Friday)

 

Chart of the Week: