Two incredibly different scenarios of the condition of the economy, which is revealed this week, influence the key indicator of the US economy. According to the reliable source, the GDP data that was released for the second times on Thursday for the second quarter is predicted to view extremely significant upward revision while on the other hand; sentiment of the consumer proves to be vacillating as anxiety about the debt ceiling is growing once again.

The data tomorrow of this week’s Conference Board data reflects the fact that Congress argued in autumn. It is worth to mention over here that other US indicators of this week include durable goods orders, pending home sales, and house prices.

Economic DataJohn Zhu of HSBC stated that the latest survey of Gallup and the University of Michigan revealed that recently the sentiment of the consumer has weakened, which he believed is the result of the volatility in the financial markets as well as higher interest rates.

Mack Carney, governor of Bank of England, in his first public speech ever since the inflation report of the August is published on Wednesday revealed his latest forward guidance policy on Wednesday. However, Carney’s report on earlier this month was unable to convince the market s perhaps because of the unemployment rate that is the major factor to any type of future recovers of the BoE’s program of quantitative easing.

Zhu opined that the new governor is perhaps astounded by the rise in sterling and gilt yields that followed the declaration of the recent forward guidance monetary strategy framework. He also hoped that Carney would very soon try to fulfill market expectations back to something closer to the assumption of BoE.

On Friday reports on mortgage approvals and consumer credit are published that provide the latest trends and scenario of the booming house market. Zhu stated that substantial thrust in the housing market of the United Kingdom, which is influenced by higher confidence of the consumer, government incentives, and low mortgage rates. He is of the opinion that this trend taking credit away from businesses, and arouse the fears that the economic recovery based on housing-driven would not sustainable enough on the long run.

Industrial production figures are also released by several countries like Asia, Singapore, Korea, and Thailand. The report reveals the expectation of the third-quarter growth. It is informed that some positive result is expected as economy of China is rising again. Positive outcome is also expected in Europe and Poland.

The second quarter growth in India is expected to be flat. In Japan, inflation data that is published on Friday illustrate whether Abenomics is re-inflating the economy. In the previous month, it published the annual profit report a fiscal year.

From the rate of unemployment and IFO survey, it is quite safe to conclude that economic condition of Germany is fairly well. James Knightley of ING explained that the data should confirm the solidity of the present growth of Germany where the strong labor market supports good domestic demand and gradually increase industrial activity.