GDP, Employment Data Due This Week

Sunday, July 27, 2008

It will be a big week for economic data, with two major releases. On Thursday, the Commerce Department will release the first cut of data on the second-quarter gross domestic product. Expect it to be far better than anyone would have guessed just a few months ago. Economists are looking for the broad measure of total output to have risen 2.3 percent, bolstered in part by economic stimulus payments. That figure is not far below the growth rate the economy is capable of maintaining in the long run. On Friday, though, gloomier news is expected from the July employment report. Look for employers to have slashed 75,000 jobs and for the jobless rate to tick up to 5.6 percent from 5.5 percent.

-- Neil Irwin

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