The final third-quarter
gross domestic product
showed that the market value of goods, services and structures produced in the economy grew more slowly than originally expected. GDP, as the report is known, came in at 2.2% versus the previous estimate of 2.4%.
GDP sets the pace at which the market will either grow or decline.
Jobless claims came in higher than expected, which might reduce concern over inflationary pressures from a tight labor market. Jobless claims for the week ended Dec. 16 rose to 354,000 from 320,000 the prior week.
The report comes two days after the
Federal Reserve decided to hold interest rates steady, but changed its outlook about the economy to say the risks of recession now outweigh the risks of inflation. That's a change from the monetary policy making body's previous position that viewed inflation as the greater risk -- a view that led to a series of six interest rates hikes since June 1999 that helped put the brakes on the rapid pace of economic growth.
8:30 a.m.: Gross Domestic Product for Q3--final. Source: Commerce Department. Actual: +2.2%. Forecast: +2.4%. Previous: +2.4% (Q3-prelim.) +5.6%. (Q2)
8:30 a.m.: Initial Jobless Claims for the week ended Saturday. Source: Labor Department. Actual: 350,000. Forecast: 336,000. Previous: 320,000. Four-week average Actual: 347,250. Forecast: n.a. Previous: 343,250.
For a longer-term economic calendar and more, see