7:00a MBA Mortgage Applications
Composite Index - W/W 0.7% actual vs 4.2% prior
Purchase Index - W/W 0.1% actual vs 7.9% prior
Refinance Index - W/W 1.9% actual vs -3.1% prior
Definition
The Mortgage Bankers' Association compiles various mortgage loan indexes. The purchase applications index measures applications at mortgage lenders. This is a leading indicator for single-family home sales and housing construction.
8:30a GDP Q1
Quarter over Quarter - Annual Rate -1.6% actual vs -1.5% (rev) prior
Personal Consumption Expenditures - Annual Rate 1.8% actual vs 3.1% (rev) prior
Consensus Outlook
The third estimate for first-quarter GDP, at minus 1.4 percent, is expected to show little change from the second estimate of minus 1.5 percent. Personal consumption expenditures are expected to be unrevised at a 3.1 percent growth rate.
Definition
Gross Domestic Product represents the total value of the country's production during the period and consists of the purchases of domestically-produced goods and services by individuals, businesses, foreigners and government entities. Data are available in nominal and real (inflation-adjusted) dollars, as well as in index form. Economists and market players always monitor the real growth rates generated by the GDP quantity index or the real dollar value. The quantity index measures inflation-adjusted activity, but we are more accustomed to looking at dollar values.
Household purchases are counted in personal consumption expenditures -- durable goods (such as furniture and cars), nondurable goods (such as clothing and food) and services (such as banking, education and transportation). Private housing purchases are classified as residential investment. Businesses invest in nonresidential structures, durable equipment and computer software. Inventories at all stages of production are counted as investment. Only inventory changes, not levels, are added to GDP.
Net exports equal the sum of exports less imports. Exports are the purchases by foreigners of goods and services produced in the United States. Imports represent domestic purchases of foreign-produced goods and services and must be deducted from the calculation of GDP. Government purchases of goods and services are the compensation of government employees and purchases from businesses and abroad. Data show the portion attributed to consumption and investment. Government outlays for transfer payments or interest payments are not included in GDP.
The GDP price index is a comprehensive indicator of inflation. It is typically lower than the consumer price index because investment goods (which are in the GDP price index but not the CPI) tend to have lower rates of inflation than consumer goods and services. Note that contributions of each component, as averaged over the prior year, are tracked in the table below (components do not exactly sum to total due to chain-weighted methodology). Consumption expenditures, otherwise known as consumer spending, has over history been steadily making up an increasing share of GDP.
8:30a Corporate profits
After-Tax - Y/Y 15.2% actual vs 15.7% prior
With Inventory & Consumption Adjustments - Y/Y 8.8% actual vs 9.5% prior
Definition
Corporate profits are derived from the national income and product accounts and are expressed in several measures. Econoday's focus is on the most relevant measure for the total economy, after-tax profits.
Dan 
