Economists are forecasting that real gross domestic product grew at an annual rate of 1.2% last quarter, well below an already low 1.9% growth rate reported in the first quarter. The 1.2% rate predicted would be slowest growth since 0.4% posted in the first quarter of 2011. The number will be released Friday.

Economic reports already released for the second quarter show that growth in a number of important sectors has slowed.

Regional surveys by the Federal Reserve banks of Richmond and Kansas City will offer insights into July business conditions in those areas.

Total U.S. durable goods orders is due Thursday. The median forecast is for a small 0.6% increase in June after a 1.3% gain in May.

The Reuters/University of Michigan consumer sentiment index is out Friday and the prediction is that it will hold steady from June.