Weekly Economic Update: February 25 - March 1, 2013

Mar 04 2013

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Case-Shiller home index up 0.9% in December. New home sales jumped 15.9% in January to an annualized 437,000. Durable orders fell 5.2% in January. Pending home sales increased 4.5% to 105.9 in January. Second-estimate real GDP growth for fourth quarter 2012 revised up to 0.1%. Personal income fell 3.6% in January while personal spending rose 0.2%. Auto sales rose 0.6% in February to an annual rate of 15.4 million units. Construction spending declined 2.1% in January. The ISM index rose 1.1 points to 54.2 in February. Initial jobless claims fell 22,000 to 344,000 for the week ended 2/23.

• Case-Shiller home index was up 0.9% for the 20-city adjusted index in December. This is the best rate since second quarter of last year. On a year-ago basis, sales were up 6.9%.

• New home sales jumped 15.6% in January to an annualized 437,000. Seasonal factors can affect housing numbers in winter months. The median sale price dropped unexpectedly to $226,400 from $249,800 in December.

• Durable orders fell 5.2% in January. Transportation led the drop. Excluding transportation, orders were up 1.9%.

• Pending home sales index increased 4.5% to 105.9 in January.

• Second-estimate real GDP growth for the fourth quarter 2012 was revised up to 0.1%. The initial estimate was -0.1%.

• Personal income fell 3.6% in January with personal spending up 0.2%. This reflected effects from the fiscal cliff.

• Auto sales increased 0.6% in February to an annual rate of 15.4 million units. On a year over year basis, sales were up 6.1%.

• Construction spending declined 2.1% in January. On a year-ago basis, overall construction was up 7.1%.

• The ISM index increased 1.1 points to 54.2 in February.

• Initial jobless claims fell 22,000 to a level of 344,000 for the week ended February 23rd.

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