Doug Short | Nov 06, 2013 11:42PM ET
Tomorrow will be the first of two big days for economic news. That's the day we get the Advance Estimate of Q3 GDP -- a rear-view metric, to be sure, and one that will be subject to revision for the following two months, not to mention annual revisions and the periodic comprehensive revisions (the last of which tweaked GDP data back to 1929). And on Friday we get the blockbuster October Employment Report, which presumably is a more critical data set for Fed policy.
Meanwhile the latest GDP forecasts from Wall Street Journal's Investing.com is in solid agreement with the WSJ economists. It has a forecast at 2.0 percent.
Looking Ahead to Q4
What do the economists see for Q4 of 2013? Not surprisingly, the forecast spread widens considerably as economists look further into the future, ranging from 0.5% to 4.0%. The median and mean came in aligned at 2.3 percent, but the range of opinions is further underscored by the two modes (seven each) straddling the smaller headcount at the median (three economists). The pessimistic outlier was no doubt expecting a major hit to the economy from the shutdown and debt-ceiling stalemate.
In response to a multiple-choice question about a taper announcement from the Fed in October, the responses were evenly split:
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