Jobless claims, GDP lead docket
David Russell | email@example.com
Initial jobless claims and revised growth numbers are the main items on today's economic calendar, though political events will remain in focus.
Both reports are scheduled for 8:30 a.m. ET. The Labor Department is expected to report that 325,000 Americans filed for initial unemployment benefits last week, up from 309,000 the previous week. Lower readings are potentially bullish because it would mean that fewer people lost their jobs.
The Commerce Department is expected to announce that second-quarter gross domestic product grew at a 2.6 percent annualized pace, up from its earlier 2.5 percent estimate. The report is unlikely to affect sentiment because it's now relatively old.
Pending home sales for August, which follow at 10 a.m. ET, are expected to show a decline of 2.3 percent, compared with a 1.3 percent drop in the previous month.
Natural-gas inventories round out the data half an hour later, but those numbers are not tracked by economists.
The market will continue to monitor developments in Washington, where politicians need to pass a budget before the end of the month and then raise the national debt ceiling by mid-October.
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