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Wall Street to gobble up holiday-week data

Wall Street to gobble up holiday-week data

It’s Thanksgiving week, but that doesn’t mean Wall Street won’t get served with some key economic data that could shed further light on the health of the U.S. economy and the Federal Reserve’s plans for an interest-rate hike in December. First up is the second revision on third-quarter gross domestic product, better known as GDP, on Tuesday at 8:30 a.m. ET.AP FINANCIAL MARKETS WALL STREET F FILE USA NY

Economists now see economic growth in the July-through-September quarter rising at a 2.1% pace, better than the 1.5% seen in late October, according to consensus expectations tracked by Bespoke Investment Group. Year-over-year home prices in September tracked by S&P/Case Shiller set for release at 9 a.m. ET are forecast to inch up to 5.2%, a slight rise over August’s 5.1% price increase.

Consumer confidence tracked by the business group The Conference Board also is expected to improve when data is released at 10 a.m. ET. Economists see November confidence rising to 99.5, up from 97.6 in October. While the Fed has said the primary things it is watching are jobs and inflation when it comes to the timing its rate lift-off, continued signs of economic health won’t go unnoticed.

The Fed, led by chair Janet Yellen, has said it is considering hiking rates for the first time since 2006 at its final meeting of the year in mid-December. If economic growth keeps ticking higher, home prices continue to head north, albeit at a slower pace, and consumers continue to flash a confident streak, the odds of a Fed hike will climb as well.