Weekly Economic Update: August 27-31, 2012

Sep 04 2012

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GDP growth for the 2nd quarter was revised slightly upwards to 1.7%. The Case-Shiller index was up 0.9% in June and up 0.5% from a year ago. Pending home sales rose 2.4% in July. Personal income increased 0.3% in July while spending rose 0.4%. Factory orders were up 2.8% in July. Initial jobless claims were unchanged at a level of 374,000 for the week ended 8/25.

• GDP growth in the 2nd quarter of 2012 was revised slightly upwards to a real, annual pace of 1.7%. The previous estimate had been for 1.5% growth.

• The Case-Shiller home price index was up 0.9% for the month of June and up 0.5% from a year ago. Prices in the DC area were up 0.7% for the month and up 3.8% from a year ago.

• Pending home sales increased by a greater-than-expected 2.4% in July.

• Personal income rose 0.3% in July as personal spending was up 0.4%. The increase in spending was the largest in five months. The personal savings rate edged down to 4.2% in July.

• Factory orders were up 2.8% in July.

• Initial jobless claims were unchanged at a level of 374,000 for the week ended August 25th.

 

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