Overview: GDP growth for the 1st quarter was revised downwards to 3.0%.  Personal income rose 0.4% in April while personal spending was unchanged.  Existing home sales rose 7.6% while new home sales rose 14.8% in April.  Durable orders were up 2.9% in April. Initial jobless claims fell by 14,000 to a level of 460,000 for the week ended 5/22.

GDP growth for the first quarter was revised downwards to 3.0%, from an advance estimate of 3.2% growth. The primary drivers of the 0.2 percentage point downward revision were an upward revision to imports (a subtraction from GDP) and a downward revision to personal consumption expenditures. The 3.0% rate of growth reflected positive contributions from personal consumption expenditures, private inventory investment, exports, and nonresidential fixed investment, which were partially offset by decreases in state and local government spending and in residential fixed investment, as well as an increase in imports.  

Personal income rose 0.4% in April while personal spending was unchanged.

Existing home sales shot up 7.6% in April to an annual pace of 5.77 million units as the homebuyer tax credit expired on April 30th.[1] 

New home sales surged 14.8% to an annual pace of 504,000 units.  The additional tax credit made available to existing home owners likely had a significant impact on the strong pace of new home sales.  The median new home price was up 4%, to $173,100, from a year ago

Durable orders rose 2.9% in April; excluding transportation, durable orders fell 1.0%.  Transportation orders, which are particularly volatile, rose 16.1% in April after falling 13.1% in March.   

Initial jobless claims fell 14,000 to 460,000 for the week ended May 22nd.