GDP grew at a real, annual pace of 1.5% in the 2^nd quarter of 2012.  New home sales fell 8.4% in June.  Pending home sales were down 1.4% in June.  Durable orders increase 1.6% in June.  Initial jobless claims were down 35,000 to a level of 353,000 for the week ended 7/21. 

• GDP advanced at an annual pace of 1.5% in the 2^nd quarter of 2012.  Annual revisions to GDP growth (back through 2009) showed that the decline in GDP during the great recession was not quite as bad as previously thought, but the recovery has been even weaker than previously reported.  The decline in GDP from December 2009 to June 2010 was revised upwards from – 5.1% to – 4.7%.  Total growth in GDP over the last three years of the recovery was revised down from 6.2% to 5.8%.
• New home sales fell by a greater-than-expected 8.4% in June to an annual pace of 350,000 units.  This marked the largest decline in over a year, and the lowest level of sales in five months.  The median new home price was down 3.2% from a year ago.
• Pending home sales were down 1.4% in June.
• Durable orders increased 1.6% in June. Excluding transportation, orders were down 1.1%.
• Initial jobless claims declined 35,000 to a level of 353,000 for the week ended July 21^st.