GDP growth for Q3 was revised downward to 1.8%.  Housing starts increased 9.3% while building permits rose 5.7% in November.  Existing home sales were up 4.0% in November while new home sales increased 1.6%.  Personal income and personal spending both edged up 0.1% in November.  Initial jobless claims fell 4,000 to a level of 364,000 for the week ended 12/17.

• GDP growth for the 3^rd quarter of 2011 was revised downward to 1.8%, from previous estimates of 2.0% in the second estimate and 2.5% in the advance estimate.  The primary factor behind the revision was a downward revision to personal consumption expenditures.  Growth in real GDP over the past four quarters was 1.46%, the lowest such rate since the 4^th quarter of 2009.
• Housing starts increased by a greater-than-expected 9.3% to an annual pace of 685,000 units in November. The increase was led by a rise in multi-family housing starts, and the overall level marks a 19-month high in housing starts.
• Building permits unexpectedly rose 5.7% to an annual pace of 681,000 units in November.
• Existing home sales rose by a lesser-than-anticipated 4.0% to an annual pace of 4.42 million units in November.  The median home price of $164,200 was down 3.5% from a year ago.
• New home sales rose 1.6% to an annual pace of 315,000 units in November.
• Personal income edged up 0.1% in November as personal spending also increased 0.1%.
• Initial jobless declined 4,000 to 364,000 for the week ended December 17^th.