Weekly Economic Update: August 26-30, 2013

Sep 03 2013

Associated Image

Durable orders fell sharply in July by 7.3%. The Case-Shiller home price index was up 0.9% for the month of June and up 12.1% from a year ago. GDP growth in the 2nd quarter of 2013 was revised upward to a real annualized rate of 2.5%. Personal income rose 0.1% in July as personal spending also rose 0.1%. Pending home sales fell 1.3% in July. Initial jobless claims fell 6,000 to 331,000 for the week ended 8/24.

• Durable orders fell sharply in July by 7.3%. Aircraft orders swung sharply downward, but other durable orders were also weak. The transportation component fell 19.4%. Excluding transportation, durable orders fell 0.6%.

• The Case-Shiller home price index was up 0.9% for the month of June and up 12.1% from a year ago. Prices in the DC area were up 1.0% for the month and up 5.7% from a year ago.

• GDP growth in the 2nd quarter of 2013 was revised upward to a real annualized rate of 2.5%. The GDP revision is mainly due to a sharp upward revision in net exports. The previous estimate had been 1.7%, and compares to a first quarter increase of 0.1%.

• Personal income rose 0.1% in July as personal spending also rose 0.1%.

• Pending home sales fell 1.3% in July. Higher prices and higher mortgage rates are affecting the sales of existing homes.

• Initial jobless claims fell 6,000 to a level of 331,000 for the week ended August 24th.

Bookmark and Share