Weekly Economic Update: November 21-25, 2011
GDP growth for Q3 was revised down to 2.0%. Existing home sales increase 1.4% in October. Personal income increased 0.4% as personal spending rose 0.1% in October. Durable orders fell 0.7% in October. Initial jobless claims edged up 2,000 to a level of 393,000 for the week ended 11/19.
- GDP growth for the 3rd quarter was revised downwards to 2.0%, from a previous, advance estimate of 2.5%. The lower estimate primarily reflected downward revisions to private inventory investment, nonresidential fixed investment, and personal consumption expenditures, which were partly offset by a downward revision to imports (which are a subtraction from GDP)
- Existing home sales rose 1.4% to an annual pace of 4.97 million units in October.
- Personal income increased 0.4% in October while personal spending was up 0.1%.
- Durable orders fell 0.7% in October. Excluding transportation, orders increased 0.7%.
- Initial jobless edged up 2,000 to 393,000 for the week ended November 19th.