Friday: Q3 GDP

Expectations for Q3 GDP are pretty low ... and moving lower. From the WSJ: GDP Estimates Move Lower Following Durables Report

The consensus estimate of economists surveyed by Dow Jones Newswires is that Friday's report will show the economy grew at a seasonally adjusted annual rate of 1.8% in the July-to-September quarter. But after Thursday's figures on business investment, some economists said they are bracing for a weaker GDP report than the consensus figure.

Wells Fargo ' pointing out that shipments of core capital goods fell at an annual pace of 4.9% over three months ' lowered its estimate of third-quarter GDP growth to an annual rate of 1.4% from 1.6%. J.P. Morgan Chase lowered its forecast to 1.6% from 1.8%.

'The downside risks are mounting to our already below-consensus estimate that GDP increased by only 1.3% in the third quarter,' Paul Ashworth, chief U.S. economist at London-based Capital Economics, said in a note to clients. 'At 1.8%, the consensus forecast looks way to high.'

Friday:
' At 8:30 AM ET, the advance release for Q3 GDP will be released by the BEA. The consensus is that real GDP increased 1.9% annualized in Q3.

' At 9:55 AM, the Reuters/University of Michigan's Consumer sentiment index (final for October). The consensus is for no change from the preliminary reading of 83.1.

Another question for the October economic prediction contest (Note: You can now use Facebook, Twitter, or OpenID to log in).