Weekly Economic Update: April 22-26, 2013

Apr 29 2013

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Overview: Existing home sales declined 0.6% to an annual pace of 4.92 million units in March. New home sales rose 1.5% to an annual pace of 417,000 units in March. GDP growth for the 1st quarter of 2013 came in at a lower than expected annual rate of 2.5%. Durable goods orders declined 5.7% in March. Initial jobless claims fell 16,000 to 339,000 for the week ended 4/13.

• Existing home sales declined 0.6% to an annual pace of 4.92 million units in March.

• New home sales rose 1.5% to an annual pace of 417,000 units in March.

• GDP growth for the 1st quarter of 2013 came in at a lower than expected annual rate of 2.5%, according to the advanced estimate. Positive contributions to GDP included consumer spending, personal consumption expenditures, residential investment, and nonresidential fixed investment. A decrease in government purchases and a widening in the net exports gap were among the negative contributions.

• Durable goods orders declined 5.7% in March. Excluding transportation, the core rate unexpectedly fell 1.4% as well.

• Initial jobless claims fell 16,000 to a level of 339,000 for the week ended April 20th.

 

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