GDP report - 8:45AM

Gross Domestic Product, 1st quarter 2009 (preliminary) Corporate Profits, 1st quarter 2009 (preliminary) Real gross domestic product -- the output of goods and services produced by labor and property located in the United States -- decreased at an annual rate of 5.7 percent in the first quarter of 2009, (that is, from the fourth quarter to the first quarter), according to preliminary estimates released by the Bureau of Economic Analysis. In the fourth quarter, real GDP decreased 6.3 percent. The GDP estimates released today are based on more complete source data than were available for the advance estimates issued last month. In the advance estimates, the decrease in real GDP was 6.1 percent (see "Revisions" on page 3). Full report here.

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Drilling down in this report, we see this line; Gross domestic purchases Real gross domestic purchases -- purchases by U.S. residents of goods and services wherever produced -- decreased 7.5 percent in the first quarter, compared with a decrease of 5.9 percent in the fourth. Green shoots huh?

Economic calendar for the week - 7:30AM

Economic calendar today: Consumer Confidence - 10:00 AM ET State Street Investor Confidence Index - 10:00 AM ET 4-Week Bill Announcement - 11:00 AM ET 3-Month Bill Auction - 11:30 AM ET 6-Month Bill Auction - 11:30 AM ET 2-Yr Note Auction - 1:00 PM ET Wednesday: MBA Purchase Applications - 7:00 AM ET ICSC-Goldman Store Sales - 7:45 AM ET Redbook - 8:55 AM ET Existing Home Sales - 10:00 AM ET EIA Petroleum Status Report - 10:30 AM ET 4-Week Bill Auction - 1:00 PM ET 5-Yr Note Auction - 1:00 PM ET Thursday: Durable Goods Orders - 8:30 AM ET Jobless Claims - 8:30 AM ET New Home Sales - 10:00 AM ET EIA Natural Gas Report - 10:30 AM ET 3-Month Bill Announcement - 11:00 AM ET 6-Month Bill Announcement - 11:00 AM ET 52-Week Bill Announcement - 11:00 AM ET 7-Yr Note Auction - 1:00 PM ET Money Supply - 4:30 PM ET Friday: GDP - 8:30 AM ET Corporate Profits - 8:30 AM ET Chicago PMI - 9:45 AM ET Consumer Sentiment - 9:55 AM ET Farm Prices - 3:00 PM ET