Overview: GDP grew at an annual pace of 2.4% in the 2^nd quarter of 2010.  New home sales rose 23.6% in June.  The S&P/Case-Shiller index rose 4.7% in May.  Durable orders fell 1.0% in June.  Initial jobless claims fell by 11,000 to a level of 457,000 for the week ended 7/24.

According to the advance estimate, GDP grew at a real, annual rate of 2.4% in the 2^nd quarter of 2010. The growth in 2^nd quarter GDP came primarily from nonresidential and residential fixed investment, exports, personal consumptions expenditures, private inventory investment, and federal government spending.  Imports, which are a subtraction from GDP, increased. The deceleration in GDP from a rate of 3.7% in the 1^st quarter of 2010 came primarily from acceleration in imports and deceleration in private inventory investment.

New home sales rose 23.6% in June to an annual pace of 330,000 units.  The increase in sales follows a record-low level of 267,000 units in May (revised from a previously reported record-low of 300,000 units).

The S&P/Case-Shiller home index was up 4.6% in May from a year ago.  Prices rose in 15 of the 20 metropolitan statistical areas (MSAs) included in the index. 

Durable orders fell 1.0% in June; excluding transportation, orders fell 0.6%.

Initial jobless claims fell by 11,000 to 457,000 for the week ended July 24^th.