This is another week with a wealth of economic data scheduled to be released. On balance, the data is expected to continue to reflect an economy expanding at an accelerating rate. The first revision to third quarter Real GDP is due out on Wednesday, and is forecast to be moved up to a 3.3% increase from the first estimate of 3.0%. The upward revision should be caused by better consumption growth. Income and spending data for October is due out on Thursday. That data will provide evidence of whether the fourth quarter is starting on a strong note. It appears from early indications, the holiday spending season is starting strong with growth of 4% above last year.

The inflation data contained in the income and spending report is expected to confirm the lack of inflation pressure with the core PCE Price Index only up 0.02% for the month. That would leave the year-over-year increase at 1.4%, still well below the Fed’s target of 2%…

ProBank Austin Advisor – November 27, 2017