Weekly Economic Update: May 26-30, 2014

Jun 02 2014

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Durable goods orders rose 0.8% in April. The Case-Shiller home price index increased 1.2% for March. Real GDP growth fell 1.0% in the second estimate of the 1st quarter of 2014. Pending home sales rose 0.4% in April. Personal income rose 0.3% in April, while personal spending fell 0.1%. Initial jobless claims fell 27,000 to 300,000 for the week ended 5/24.

• Durable goods orders rose 0.8% in April. Over the year, orders are up 7.1%. Excluding transportation, orders are up 0.1% for the month and up 4.8% over the year.

• The Case-Shiller home price index increased 1.2% for March. Over the year, the index is up 12.4%. The Washington, D.C. metro area home price index increased 1.2% and is up 8.5% over the year.

• Real GDP growth fell 1.0% in the second estimate of the 1st quarter of 2014. The decline included downward revisions in inventory investment and net exports, in addition to adverse weather turning growth negative. PCEs, nonresidential fixed investment, and residential investment were bumped up, and government purchases were slightly lower.

• Pending home sales rose 0.4% in April.

• Personal income rose 0.3% in April, while personal spending fell 0.1%. The PCE price index rose 0.2%, as did the core.

• Initial jobless claims fell 27,000 to 300,000 for the week ended May 24th.

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