The

gross domestic product grew a less-than-expected 2.7% in the third quarter.

GDP, as the data is known, shows the pace of consumer spending and the rate of business spending on things like plants and equipment.

The latest GDP report won't tell us anything about what's going on in the current quarter, or what might happen in future quarters, but it provides the context in which the economic slowdown that seems to be going on will have to be evaluated.

TheStreet.com

recently took a look at what the economic slowdown means for

corporate earnings.

Economists say the markets may not be prepared for the rates they may see in today's GDP report. In a

separate story,

TheStreet Recommends

TheStreet.com's

Elizabeth Stanton took a look at what the GDP report will mean for the markets.

Economic Data

Gross domestic product -- advance. Source: Commerce Department. Actual: +2.7%. Forecast: +3.4%. Previous: +5.6% (Q2). Implicit price deflator: Actual: 2%. Forecast: +2.3%. Previous: +2.4% (Q2)

Durable goods orders for September won't be released until 10 a.m. Source:

Census Bureau. Forecast: +0.5%. Previous: +2.9%.

Forecasts are from

Reuters

. For a longer-term economic calendar and more, see

TSC's

Economic Databank.