Overview:  GDP growth for the 2^nd quarter was revised downward to 1.0%.  Durable orders rose 4.0% in July.  New home sales edged down 0.7% in July. CBO released its revised budget outlook, including a 2011 deficit of $1.3 trillion.  Initial jobless claims rose 5,000 to a level of 417,000 for the week ended 8/20.

• GDP growth for the 2^nd quarter of 2011 was revised downwards to 1.0%, from a previous, advance estimate of 1.3%.  Growth in the 1^st quarter of 2011 was 0.4%.
• Durable orders rose by a greater-than-expected 4.0% in July.  Orders for autos and aircrafts drove the topline increase.  Excluding transportation, orders were up 0.7%.
• New home sales edged down 0.7% in July to an annual pace of 298,000 units.
• The Congressional Budget Office released its revised budget outlook with a projected 2011 deficit of $1.3 trillion, or 8.5% of GDP.  The revised estimates also included lower short-term economic growth projections and an unemployment rate above 8.0% until 2014.  The 10-year deficit forecast was revised downwards from almost $7 trillion to $3.5 trillion, in large part due to spending cuts.
• Initial jobless claims rose 5,000 to 417,000 for the week ended August 20^th.