The second estimate of fourth quarter GDP came in slightly lower than expected at 3.2% vs the median forecast of 3.3%.
Spending on services was revised higher but was offset by downward revisions to spending on goods as well as inventories. Presidents of the Atlanta, Boston, and New York Federal Reserve Banks will be speaking later today and investors will be paying close attention to their speeches in hopes of getting a better picture of the timing of rate cuts.
Hafizan Hamzah
Senior Director, Investment Management Group
| Date | Event | Surv(M) | Actual | Prior | Revised |
| 02/28/24 | MBA Mortgage Applications | — | -5.60% | -10.60% | — |
| 02/28/24 | GDP Annualized QoQ | 3.30% | 3.20% | 3.30% | — |
| 02/28/24 | Personal Consumption | 2.70% | 3.00% | 2.80% | — |
| 02/28/24 | GDP Price Index | 1.50% | 1.60% | 1.50% | — |
| 02/28/24 | Core PCE Price Index QoQ | 2.00% | 2.10% | 2.00% | — |
| 02/28/24 | Advance Goods Trade Balance | -$88.5b | -$90.2b | -$88.5b | -$87.9b |
| 02/28/24 | Retail Inventories MoM | 0.40% | 0.50% | 0.80% | 0.60% |
| 02/28/24 | Wholesale Inventories MoM | 0.20% | -0.10% | 0.40% | — |
| 02/29/24 | Personal Income | 0.40% | — | 0.30% | — |
| 02/29/24 | Personal Spending | 0.20% | — | 0.70% | — |
| 02/29/24 | Real Personal Spending | -0.10% | — | 0.50% | — |
| 02/29/24 | PCE Deflator MoM | 0.30% | — | 0.20% | — |
| 02/29/24 | PCE Deflator YoY | 2.40% | — | 2.60% | — |
| 02/29/24 | PCE Core Deflator MoM | 0.40% | — | 0.20% | — |
| 02/29/24 | PCE Core Deflator YoY | 2.80% | — | 2.90% | — |
| 02/29/24 | Initial Jobless Claims | 210k | — | 201k | — |
| 02/29/24 | Continuing Claims | 1874k | — | 1862k | — |
| 02/29/24 | MNI Chicago PMI | 48 | — | 46 | — |
| 02/29/24 | Pending Home Sales MoM | 1.50% | — | 8.30% | — |
| 02/29/24 | Pending Home Sales NSA YoY | -4.40% | — | -1.00% | — |
| 02/29/24 | Kansas City Fed Manf. Activity | -2 | — | -9 | — |
| 03/01/24 | S&P Global US Manufacturing PMI | 51.5 | — | 51.5 | — |
| 03/01/24 | Construction Spending MoM | 0.20% | — | 0.90% | — |
| 03/01/24 | U. of Mich. Sentiment | 79.6 | — | 79.6 | — |
| 03/01/24 | U. of Mich. Current Conditions | — | — | 81.5 | — |
| 03/01/24 | U. of Mich. Expectations | — | — | 78.4 | — |
| 03/01/24 | U. of Mich. 1 Yr Inflation | 3.00% | — | 3.00% | — |
| 03/01/24 | U. of Mich. 5-10 Yr Inflation | 2.90% | — | 2.90% | — |
| 03/01/24 | ISM Prices Paid | 53.2 | — | 52.9 | — |
| 03/01/24 | ISM Manufacturing | 49.5 | — | 49.1 | — |
| 03/01/24 | ISM New Orders | — | — | 52.5 | — |
| 03/01/24 | ISM Employment | — | — | 47.1 | — |
| 03/01/24 | Kansas City Fed Services Activity | — | — | -2 | — |
| 03/01/24 | Wards Total Vehicle Sales | 15.40m | — | 15.00m | — |
