Overview: GDP growth for the 2^nd quarter was revised slightly upwards to 1.3%. Personal income declined 0.1% while personal spending rose 0.2% in August.  New home sales fell 2.3% in August as pending home sales decline 1.2%.  The Case-Shiller home price index was down 4.1% from a year ago in July.  Durable orders edged down 0.1% in August.  Initial jobless claims fell 37,000 to a level of 391,000 for the week ended 9/24.

• GDP growth for the 2^nd quarter of 2011 was revised slightly upwards to 1.3%, from a previous, second estimate of 1.0%.  The Blue Chip Consensus expectations for 3^rd and 4^th quarters GDP growth are 1.9% and 2.1%, respectively.
• Personal income edged down 0.1% in August as personal spending rose 0.2%.
• New home sales declined 2.3% to an annual pace of 295,000 units in August.
• Pending home sales declined 1.2% in August.
• The Case-Shiller home price index was down 4.1% on a year-over-year basis in July.  On a monthly basis, the index and was virtually unchanged.  
• Durable orders were down 0.1% in August. 
• Initial jobless claims declined 37,000 to 391,000 for the week ended September 24^th.  This marks a five-month low in the level of initial claims.