A slate of U.S. economic data releases on Wednesday is set to provide fresh signals on consumer spending, business investment and energy market conditions.
Gross domestic product growth for the second quarter is expected to decelerate to 1.5%, down from 2.1% in the prior period, according to consensus forecasts. The Commerce Department’s report, due at 7:30 a.m. ET, will also include the GDP price index, which is projected to rise to 6.3% from 3.6%.
Durable goods orders are forecast to increase 0.4% in July, a modest pickup from the 0.3% gain recorded in June. Core durable goods orders, excluding transportation equipment, are expected to climb 0.5%, compared with a prior 0.6% rise. The data, also scheduled for 7:30 a.m. ET, will offer insight into corporate capital expenditure trends.
Personal spending and income figures are due alongside the GDP report. Personal spending is projected to rise 0.1%, slowing from a 0.3% increase in June, while personal income is expected to edge up 0.2%, matching the prior month’s gain. The core personal consumption expenditures price index, the Federal Reserve’s preferred inflation gauge, is forecast to rise 0.2% on the month and 3.3% on an annual basis.
Energy markets will focus on the Energy Information Administration’s weekly crude oil inventory report, due at 9:30 a.m. ET. Crude stockpiles are expected to increase by 1.9 million barrels, following a 4.405 million-barrel build in the prior week. Gasoline inventories are projected to decline by 1 million barrels, while distillate stocks are forecast to fall by 1.7 million barrels.
Additional indicators include the Atlanta Fed’s GDPNow tracker, which remains steady at 4.0%, and remarks from Richmond Fed President Thomas Barkin at 10:45 a.m. ET. Mortgage activity data from the Mortgage Bankers Association, including the 30-year mortgage rate at 6.77%, will also be released ahead of the U.S. Treasury’s 5-year note auction, where the previous yield stood at 4.408%.
The data releases follow a period of mixed signals on inflation and growth, with the Fed closely monitoring labor market and consumption trends as it assesses policy direction.
