Today's Economic Data Docket - European TARP and US Q3 GDP

Tyler Durden's picture

While everyone's attention today will be focused on Europe and the market's kneejerk reaction, America will announce its advance Q3 GDP print which is expected to show a modest bounce from recent lows.
8:30: GDP (Q3-Advance): Rebound. Real GDP growth likely rebounded in Q3, based on available expenditure data for the quarter. Goldman forecasts an increase of 2.5% (quarter-over-quarter, annualized), and sees some upside risk to that estimate. Consumer spending likely increased by around 2% after rising by only 0.7% in Q2. A sizable increase in business fixed investment is expected together with roughly unchanged housing activity, and another decline in government spending.
GDP: GS: +2.5%; Consensus: +2.5%; Last (Q2-Final) +1.3%. MAP: 4
GDP price index: GS: +2.5%; Consensus: +2.4%; Last: +2.5%.
PCE core index: GS: +2.7%; Consensus: +2.2%; Last: +2.3%.
8:30: Jobless claims (Week of October 22): Still Flat?  Jobless claims have been roughly flat over the past four weeks at about 400k. Consensus forecasts expect claims to hold at these levels.
Consensus:  401,000; Last: 403,000. MAP: 2
10:00: Pending home sales (September): Stable. The pending home sales index – which tracks signed home sales contracts, and leads the official count of existing home sales by 1-2 months – has been roughly unchanged in recent months. Steady mortgage purchase application volumes suggest this trend is likely to persist for the time being.
Consensus: +0.3%; Last -1.2%. MAP: 2

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FunkyMonkeyBoy's picture

Knee-jerk reaction?

Futures are up another 2% on top of the 18% or so since the start of October!

If we go up another 10% between now and Christmas, is that still part of the knee-jerk?

No Mas's picture

Modest bounce?  But Dear Leader, are we not in the midst of a great recession?  What ever happened to the "double dip?"  When are the ZH Sheeple going to learn that ZH is the financial Bizzaro World where up is down and expansion is recession?

Tune in tomorrow; Same Bat Shit Crazy URL, same Bat Shit Crazy time!!!!

malikai's picture

Thank you so much for your accurate and valuable public service announcement.

trampstamp's picture

Oh another one on hopium. nice.

HankyPankyBernanke's picture

Must be time for another face ripping rally...I'm getting close to shorting this hopium induced Euro Pass-The-Turd Fest...

silver4me's picture

Short Eur/Cad and long Dow.

Threw in my hat last week and went long dow. Sold longs Tuesday, re-enter @12000 missed 200pts. Hate doing it but bankers need bonuses.

Chuck Walla's picture

Yeah but U/E will drop to under 9% despite no change in anything. Gotta get the Neo-Commie re-elected.