Even though it's more history than not, first quarter GDP is the number traders will be watching Friday for what it might say about the current slowdown that began in March.
Economists expect first quarter GDP grew by 3 percent, a sharp increase over the fourth quarter's 0.4 percent rate, according to Reuters. But they expect the first quarter to be about double the slow growth expected in the current, second quarter.
"It's hard to know what to make of it because the third quarter ended on a kind of sour note," said Chris Rupkey, chief financial economist at Bank of Tokyo-Mitsubishi. He noted that both durable goods and retail sales were soft in March, and capital spending was off.
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