U.S. economic data due for release Wednesday includes the weekly MBA mortgage applications survey, the weekly Goldman Sachs and Johnson Redbook retail sales reports, revised productivity and costs, and the ISM New York report on business.
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The revised forecast follow grim research reports this week from Dell and Hewlett-Packard.
The unemployment rate held steady at 9.1%, but the report revised both the June and July reports lower.
Unemployment is sliding, home selling and building is rising and GDP reports are expected to be revised upward.
But previous reports for September and October were revised down by 49, 000 jobs total.
After today, the data will be revised twice, and in past months, the two reports have differed by about 35, 000.
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Employers added half as many jobs in May as expected, and rosier reports of job additions from earlier months were revised down.
And in the last week or two, as economic reports worsened further, the consensus forecast was revised down again, to just 2.5% growth.
Initial reports said four people had died, but police later revised the figure.
Plus, when additional data became available for May and June, the last two months of the second quarter, and those reports were increasingly negative, economists predicted that Q2 GDP growth would be revised down to only 1.3%.
Earlier reports suggested that up 200 people were on board, but the UN later revised the number to about 100.
This survey suffers from the same seasonal adjustment issues as the Household Survey except that BLS reports the current number (141, 000 SA for September) and the revised data from the immediate past two months.
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As a result of our prior year findings the firm revised and reissued its policy and mandatory guidance in relation to the signing and dating of audit reports and we observed an overall improvement in this area.
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But we believe the downward trend of the actual reports so far this year, and even more importantly how the Q2 forecasts had to be revised lower so rapidly as the quarter progressed, is the real story.
The revised bill has removed provisions that would have allowed almost any government agency to classify material, Reuters news agency reports.
The actual quarterly reports also show the trend, 5.6% growth in the December quarter, a now revised 3.7% in the March quarter, and now 2.4% in the June quarter.
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