Be it the result of port strikes, weather or some weird seasonal factor, expectations are U.S. growth contracted in the first quarter and just how much could be an important factor in markets Friday.
Economists expect a 1 percent decline in first-quarter GDP, after an original print showed a 0.2 percent gain. That was down from 2.2 percent growth in the fourth quarter.
With the Fed's promise to decide on interest rate hikes based on economic data, even backward-looking data has become a big deal. The dollar this week has edged ahead, especially against the yen, on expectations of central bank rate increases this year, and each piece of positive data has given it a nudge.
Stock futures were lower Friday ahead of the report.