Final first quarter GDP figures for the U.S. are expected to rise 1.0% on an annual basis, up from a previously recorded 0.9% increase.

Economists from Barclays said the expect real GDP to be revised up to a 1.2% annualized rate in the final Q1 report after a preliminary reading of 0.9% and an advance estimate of 0.6%. "Our forecast owes to upward revisions to the source data used in calculating GDP," they wrote in a client note. "In particular, we think nonresidential investment spending, consumer spending, and inventory investment will each contribute an additional tenth to growth."

Existing home sales are expected to fall in May to 4.95 million, a decline from April's 4.89 million figure. Economists at RBC expect no improvement, saying that with prices recording an 8% decline relative to a year earlier, they will look for sales to stabilize, though at a very low level. "The housing market remains in deep depression and for the time being, the main concern is the glut of homes for sale. Persistent price concessions will likely bolster activity but we haven't seen any clear signs of improvement yet," they wrote.

Initial jobless claims are expected to sustain a slight drop to 375k from the previous week's 381k. Economists at Barclays agree with the consensus figure, saying labour market conditions have been weak but relatively stable in recent months. "In last week's report, continuing claims fell for the first time in 18 weeks, likely influenced by the return of some workers idled by the American Axle strike; this factor may apply downward pressure on continuing claims in tomorrow's report as well," they wrote.

All times in EDT.

Thursday:

7:30 US Fed Vice Chairman Kohn speaks at ECB Conference

8:30 US GDP (Q/Q) (Annualized) Q1 Final Exp: +1.0% Prior: +0.9%

8:30 US Personal Consumption Q1 Final Exp: +1.0% Prior: +1.0%

8:30 US GDP Price Index Q1 Final Exp: +2.6% Prior: +2.6%

8:30 US Core PCE (Q/Q) Q1 Final Exp: +2.1% Prior: +2.1%

8:30 US Initial Jobless Claims W/E 21-June Exp: +375K Prior: +381K

8:30 US Continuing Claims W/E June 14 Exp: +3110K Prior: +3060K

9:00 US Fed's Bullard Speaks at ECB Conference on Monetary Policy

9:00 CA Industry Minister Jim Prentice will speak to the press following the release of the Competition Policy Review

10:00 US Help Wanted Index May Exp: +19 Prior: +19

10:00 US Existing Home Sales May Exp: +4.95M Prior: +4.89M

10:00 US Existing Home Sales (M/M) May Exp: +1.2% Prior: -1.0%

10:35 US EIA Natural Gas Storage Change W/E 20-June Exp: +90 BcF Prior: +57 BcF

10:30 CA Bank of Canada will auction off Treasury bills

10:30 CA Commodity Price Index

11:00 US Fed Governors will hold open meeting on Basel II

13:00 US Tsy to Sell USD20B 5-Year Notes

16:30 US M1 and M2 Money Supply W/E June 16 M1 Prior: -$5.9B M2 Prior: -$6.9B

By Steve Stecyk, This email address is being protected from spam bots, you need Javascript enabled to view it , edited by Stephen Huebl, This email address is being protected from spam bots, you need Javascript enabled to view it

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