Weekly Economic Update: December 17-21, 2012

Dec 27 2012

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GDP growth for the 3rd quarter was revised upwards to 3.1%. Existing home sales increased 5.9% in November as housing starts fell 3.0% and building permits rose 3.7%. Personal income rose 0.6% in November while personal spending increased 0.4%. Durable orders were up 0.7% in November. Initial jobless claims increased 17,000 to 361,000 for the week ended 12/15.

• Third-quarter GDP growth was revised upwards to 3.1%, from a previously reported 2.7%. The revision was primarily the result of higher personal consumption expenditures and lower imports than previously reported.

• Existing home sales jumped up 5.9% in November to an annual pace of 5.04 million units. Sales were up 14.5% from a year ago. The median home price of $180,600 was up 10.1% from last year, and marks the ninth consecutive year-over-year gain. Distressed home sales accounted for 22% of all sales in November, down from 20% in October.

• Housing starts fell 3.0% in November to a lower-than-anticipated annual pace of 861,000 units.

• Building permits were higher than expected in November, rising 3.7% to an annual pace of 899,000 units.

• Personal income was up 0.6% in November as personal spending rose 0.4%.

• Durable orders rose 0.7% in November. Excluding transportation, orders were up 1.6%.

• Initial jobless claims increased 17,000 to a level of 361,000 for the week ended December 15th.

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