Heads up – we're just minutes away from the second estimate for fourth quarter U.S. GDP.

The advance estimate, released January 30, revealed that output contracted 0.1 percent in the fourth quarter, largely driven by a drop in federal defense spending and destocking of private inventories.

However, given some of the backward-looking economic data that has been released since then, economists now predict that the economy grew 0.5 percent in the fourth quarter.

Personal consumption is expected to have expanded 2.3 percent, slightly above the advance estimate of 2.2 percent growth.

We will have the full release LIVE at 8:30 AM ET. Click here to refresh for the latest >

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Business Insider johalputt Matthew Boesler

05:05

Heads up: We're minutes away from the release of January durable goods orders data, due out at 8:30 AM ET.

Economists expect orders contracted 4.7 percent in January after expanding 4.3 percent in December.

Nondefense capital goods orders excluding aircraft (core capex) are expected to post no growth after contracting 0.3 percent in December.

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Business Insider johalputt Matthew Boesler

05:05

Minutes away from the release of weekly jobless claims data, due out at 8:30 AM ET.

Economists estimate that initial claims rose to 355,000 in the week ended February 16, up from 341,000 new filings the week before.

Continuing claims are estimated to have risen to 3.15 million from 3.11 million in the previous week.

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Business Insider johalputt Matthew Boesler

05:06

On Friday, Bloomberg News reported on leaked emails that were circulating among Wal-Mart executives, describing February sales figures as a "total disaster," off to the slowest start in at least 7 years.

In one of the emails – dating to the first week in February – an executive wrote, "Where are all the customers? And where’s their money?"

The executives attributed the sales woes to a weakened consumer, suffering from payroll tax hikes that went into effect January 1.

Today, however – three weeks into February – the company has a better perspective on this month's sales figures.

In today's release, Wal-Mart says the slow February start was actually largely due to delayed tax refunds, which got mailed out late this year due to the fiscal cliff.

If Wal-Mart is right – and they have reason to believe they are – then worries about the strength of the consumer may be overblown.

That's not to say that rising gas prices and the payroll tax hike can't or won't have an effect.

"We continue to monitor economic conditions that can impact our sales, such as rising fuel prices, changes in inflation and the payroll tax increase," the company says in the release.

However, up to this point, almost two months into 2013, Wal-Mart doesn't attribute sales weakness to those factors.

Click here for details on Wal-Mart's earnings announcement >

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Business Insider johalputt Matthew Boesler

05:05