Weekly Economic Update: May 27-31, 2013

Jun 03 2013

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The Case-Shiller home price index increased 1.1% in March, up 10.9% from March 2012. First quarter GDP was revised downward to 2.4% from a previously reported 2.5%. Pending home sales increased 0.3% in April. Personal income remained unchanged in April as personal spending fell 0.2%. Initial jobless claims rose 10,000 to 354,000 for the week ended 5/25.

• The Case-Shiller home price index increased 1.1% in March, up 10.9% from March 2012. Prices in the DC area were up 2.3% for the month and up 7.7% from a year ago.

• First quarter GDP was revised slightly downward to 2.4% from a previously reported 2.5%. The largest downward revision was to inventory investment, followed by modest downward revisions to residential investment and government purchases. These revisions were partially offset by upward revisions to net exports, PCEs, and nonresidential fixed investment.

• Pending home sales increased 0.3% in April.

• Personal income remained unchanged in April as personal spending fell 0.2%.

• Initial jobless claims rose 10,000 to a level of 354,000 for the week ended May 25th.