The gross domestic product, popularly known as the GDP, is the total value of the output of all goods and services produced by labor and property within the United States. The purveyor of this news is the National Bureau of Economic Analysis, which is an agency of the U.S. Department of Commerce. Estimates of such data are issued quarterly, with two subsequent monthly revisions being released. The initial estimate of a quarter’s GDP is issued late in the month following the end of that three-month period. First and second revisions come out the following two months. It should be noted that this initial estimate of a quarter’s GDP is based on data that are incomplete. Accordingly, there can be some dramatic revisions as surveys become more complete.
Toward the latter part of every month--normally between the 23rd and the 28th--two important housing reports are issued. These are data on sales of new homes and existing residences. The source for the former is the U.S. Commerce Department; the figures for the latter are supplied by the National Association of Realtors—a private group.
Earnings season is the four times a year, celebrated several-week stretch from early January to early February, from early April to early May, from early July to early August, and from early October to early November in which the vast majority of the nation's corporations report their quarter's sales and earnings--hence the name earnings season.
At the midpoint of each month, the U.S. Census Bureau and the Department of Housing and Urban Development jointly announce residential construction statistics for the prior month. The report includes figures on housing starts, building permits, and housing completions. It is one of the more closely watched surveys issued monthly, as housing is seen as critical to sustaining any economic expansion.