Weekly Economic Update: April 23-27, 2012
GDP growth for the 1st quarter came in at an annual pace of 2.2%. New home sales fell 7.1% in March as pending home sales increased 4.1%. The Case-Shiller home price index was up 0.1% in February. Durable orders rose 4.2% in March. The FOMC held constant its 0.0%-0.25% target for the federal funds rate. Initial jobless claims edged down 1,000 to 388,000 for the week ended 4/21.
- GDP growth for the 1st quarter of 2012 came in at a lower-than-expected annual rate of 2.2%, according to the advance estimate. Positive contributions to GDP growth came from: personal consumption expenditures, exports, private inventory investment, and residential fixed investment. Negative contributions came from: federal government spending, nonresidential fixed investment, state and local government spending, and imports.
- New home sales declined 7.1% to an annual pace of 328,000 units in March.
- Pending home sales unexpectedly jumped up 4.1% in March.
- The Case-Shiller home price index edged up 0.2% in February and was down 3.5% from a year ago. The Washington DC area index was up 0.1% for the month and down 2.3% from a year ago.
- Durable orders declined by a greater-than-expected 4.2% in March.
- The FOMC held constant its target federal funds rate range at 0.0%-0.25%.
- Initial jobless claims edged down 1,000 to a level of 388,000 for the week ended April 21st.