All Eyes On Revised US GDP, Consumer Spending On Thursday & Friday

U.S. gross domestic product advanced at an annualized pace of 2.5 percent between January and March, according to a preliminary estimate from the Commerce Department. Revised figures for U.S. GDP is scheduled for release on Thursday.On Friday, consumer spending for April is issued.  Consumer spending rose a seasonally adjusted 0.2 percent in March, down from 0.7 percent in February, the Commerce Department said in April. It was the smallest gain in three months. The incomes earned by Americans rose by 0.2 percent in March, about half of what Wall Street expected. The U.S. savings rate remained at 2.7 percent for the second straight month as the savings rate remains just slightly above a five-year low. Economists fear that tax hikes from the expiration of the payroll tax cuts, and government spending cuts from the sequestration will weigh on consumer's pocketbooks.