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Representative David Schweikert - Vice Chairman

Weekly Economic Update: November 21-25, 2011

Weekly Economic Update: November 21-25, 2011

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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

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