Weekly Economic Update: March 24-28, 2014

Mar 31 2014

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The Case-Shiller home price index increased 0.8% in January. New home sales fell to an annual rate of 440,000 units in February. Durable goods orders increased 2.2% in February. Pending home sales fell 0.8% in February. In the final estimate of the 4th quarter of 2013, GDP grew an annualized 2.6%. Personal income rose 0.3% in February while consumer spending also increased 0.3%. Initial jobless claims fell 10,000 to 311,000 for the week ended 3/22.

• The Case-Shiller home price index increased 0.8% in January. Year-over-year, the index is up 13.3%. The Washington D.C. metro area is up 0.3% for the month and up 9.23% from a year ago.

• New home sales fell to an annual rate of 440,000 units in February. The median price for new homes rose 0.4% to $261,800, still down 1.2% from a year ago.

• Durable goods orders increased 2.2% in February. Excluding transportation, orders rose 0.2%.

• Pending home sales fell 0.8% in February.

• In the final estimate of the 4th quarter of 2013, GDP grew an annualized 2.6%. The previous estimate was 2.4%. Upward revisions were seen in PCEs, business equipment, residential investment, inventory investment, and government purchases. Downward revisions were seen in nonresidential structures and intellectual property.

• Personal income rose 0.3% in February while consumer spending also increased 0.3%. Personal income is up 3.1% from a year ago, and consumer spending is up 3.0%. The PCE price index increased 0.1%, and core PCE increased 0.1%. The PCE price index is up 0.9% from a year ago, while the core is up 1.1%.

• Initial jobless claims fell 10,000 to 311,000 for the week ended March 22nd.

 

 

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