Weekly Economic Update: Sept. 27 - Oct. 1, 2010
Overview: GDP growth for the 2nd quarter was revised slightly upwards to 1.7%. The Case-Shiller home price index rose 0.6% in July. Personal income increased 0.5% in August as spending rose 0.4%. Construction spending was up 0.4% in August. The ISM index fell 1.9 points to 54.4 in September. Auto sales rose 2.6% in September to an annual pace of 11.76 million units. Initial jobless claims fell by 16,000 to a level of 453,000 for the week ended 9/25.
GDP growth for the 2nd quarter was revised slightly upwards to an annualized rate of 1.7%, from an earlier second estimate of 1.6%.
The Case-Shiller home price index rose 0.6% in July, and is up 3.2% from a year ago.
Personal income rose by a greater-than-expected 0.5% in August; personal spending increased 0.4%. The personal savings rate increased to 5.8%, from 5.7% in July.
Construction spending surprised on the upside with a 0.4% rise in August.
The ISM index fell 1.9 points to 54.4 in September.
Auto sales rose 2.6% to an annual pace of 11.76 million units in September.
Initial jobless claims fell by 16,000 to 453,000 for the week ended September 25th.