Overview: GDP growth for the 2nd quarter was revised downwards to 1.6%, from a previously reported advance estimate of 2.4%.  Existing home sales fell 27.2% in July as new home sales fell 12.4%.  Durable ordered edged up 0.3% in July.  Initial jobless claims fell by 31,000 to a level of 473,000 for the week ended 8/21.

Second-quarter GDP was revised downwards to an annual rate of 1.6%, from an earlier reported advance estimate of 2.4%.

The downward revision came primarily from downward revisions to exports and private inventory investment and an upward revision to imports (a subtraction from GDP).

Existing home sales unexpectedly plunged 27.2% to an annual pace of 3.83 million units in July. This marks the lowest level of sales (of single-family existing homes) in 15 years.

New home sales unexpectedly fell 12.4% to an annual pace of 276,000 units in July.

Durable orders were up 0.3% in July; excluding transportation, orders fell 3.8%.

Initial jobless claims fell by 31,000 to 473,000 for the week ended August 21st.