And will the media attempt to keep spinning it if it sinks to 0.5%, where CNBC’s Jim Cramer predicts? Newsbusters has the video of the rather dire bet made by Cramer, which while significantly bad would still show a meager amount of growth. Everyone should be expecting a reduction of the Q2 GDP after the final June numbers for manufacturing and trade arrived over the past two weeks. The (relatively) rosy predictions of Commerce are about to meet reality, but will the media still call it “unexpected”?

“So when it comes out as 0.5 percent – other people are – I don’t know who those people are,” he continued. “I don’t know who they’re listening to or talking to. But it’s very clear that we’re going to have no growth. Why is that shocking?”

“Street Signs” fill-in host Amanda Drury asked Cramer if this was already baked into the market, to which Cramer said it wasn’t and predicted a panicked reaction in the market.

“No, it’s not. Tomorrow I’m predicting mass panic tomorrow morning,” Cramer said. “[M]ass panic, market looking down 15 ticks. It will be that way because it will be like, ‘Oh, my.’ And how can it be ‘Oh, my?’ We’re on a national TV show right now, OK? We’re watched by everybody. I’m telling you it’s going to be 0.5. How when it comes out and 0.5 [percent] is that shocking to people? Are you not watching? What are you watching? ESPN? Are they talking about 0.8 percent on ESPN? Maybe that’s it. Maybe on the YES Channel they’re using 2 percent. I don’t know what they’re watching.”

They’re not watching ESPN. They’re reading Reuters and the AP, who have made the use of forms of the word “unexpected” into art. No one can follow the economic indicators and not expect a sharp revision downward. However, I disagree with Cramer on one point here, which is his assertion that the market will panic. I disagree; the market has moved downward for the last several weeks and has anticipated the bad news, at least to some extent. The Dow Jones Industrial Average finished yesterday below 10,000 for the first time in almost two months.

What’s your prediction for tomorrow’s revised Q2 GDP figure? I’d guess somewhere above 1%, maybe 1.2%. It’s possible to get a bigger revision than that (from the original 2.4%), but not that likely. Take the poll below and choose the figure you believe will come closest to tomorrow’s revised GDP. Needless to say, we’ll be looking closely for that number tomorrow.