Weekly Economic Update: February 27- March 2, 2012
Overview: The ISM index fell 1.7 points to 52.4 in February. Fourth quarter GDP was revised upwards to 3.0%. Personal income increased 0.3% while personal spending rose 0.2%. The Case-Shiller index declined 0.5% in December. Auto sales were up 6.5% in February. Durable orders declined 4.0% in January. Pending home sales rose 2.0% in January as construction spending declined 0.1%. Initial jobless claims declined 2,000 to 351,000 for the week ended 2/25.
- The ISM index declined 1.7 points to 52.4 in February.
- Fourth quarter GDP growth was revised upwards to an annual rate of 3.0%. The previous, advance estimate had been 2.8%.
- Personal income rose 0.3% in January as personal spending was up 0.2%.
- The Case-Shiller home price index was down 0.5% in December. On a year-over-year basis, the index was down 4.0%.
- Auto sales increased 6.5% in February to an annual rate of 15.1 thousand units. On a year-over-year basis, sales were up 13.7%
- Durable orders declined 4.0% in January. Excluding transportation, orders were down 3.2%.
- Pending home sales rose 2.0% in January.
- Construction spending declined 0.1% in January.
- New home sales declined 0.9% to an annual pace of 321,000 units.
- Initial jobless claims declined 2,000 to a level of 351,000 for the week ended February 25th.