Real GDP for the second quarter grew at an annual rate of 2.3 percent according to the Bureau of Economic Analysis’s advance estimate. The growth reflected acceleration in personal consumption expenditures and net exports, as well as increases in state and local government spending. Personal consumption was the largest positive contributor to GDP – contributing
In their post-meeting statement, The Federal Reserve Open Market Committee (FOMC) noted that economic activity expanded moderately in recent months, citing moderate growth in household spending as well as improvement in the housing sector. The FOMC also cited continued improvement in the labor market, noting that “underutilization of labor resources has diminished since early this
The 20-City Case-Shiller Composite gained 4.9 percent year-over-year in May, slightly lower than April’s gain. The 10-City Composite gained 4.7 percent from the previous year, slightly higher than the year-over-year gain in April. The National index recorded a 4.4 percent gain on an annual basis, compared to a 4.3 percent annual gain in April. On
New orders for manufactured durable goods increased 3.4 percent to $235.3 billion in June after declining for two consecutive months, according to the U.S. Census Bureau. The June increase followed a 2.1 percent May decrease. Excluding defense, new orders increased 3.8 percent. Non-defense new orders for capital goods grew 9.4 percent to $80.8 billion,
Sales of new single-family houses fell in June to a seasonally adjusted annual rate of 482,000 according to the U.S. Census Bureau and Department of Housing and Urban Development. The June rate is 6.8 percent below the revised May rate of 517,000, but 18.1 percent above the year-ago rate of 408,000. New home sales decreased
Commercial banks added $48.9 billion in loans and leases in June according to the Federal Reserve’s H.8 statistical release, an increase of 0.6 percent. Total loans and leases increased $25.4 billion (0.3 percent) in May. Total bank assets for commercial banks fell for the second month in a row, declining $16.4 billion (0.1 percent) to
Existing home sales increased 3.2 percent to a seasonally adjusted rate of 5.49 million in June, according to the National Association of Realtors, up from a downwardly revised 5.32 million in May. Existing home sales have increased year over year for the last nine months. Median existing home prices increased 6.5 percent year over year
Housing starts in June were at a seasonally adjusted annual rate of 1.174 million, 9.8 percent above the revised May estimate of 1.069 million and 26.6 percent higher than 927,000 in June 2014. The figure for single family housing was 687,000, 0.9 percent below the revised May estimate. The housing activity was mixed across regions,
The Consumer Price Index increased 0.3 percent in June. The rise was broad-based, with increases in gasoline, shelter and food prices. The index rose 0.1 percent over the last 12 months. The energy index gained 1.7 percent in June, following a 4.3 percent increase in May. Gasoline prices rose 3.4 percent and natural gas gained
The National Association of Home Builders/Wells Fargo Housing Market Index (HMI) reached a level of 60 in July, the highest reading since November 2005. Two of the three index components posted gains for the month. Current sales conditions rose 1 point to 66, expectations for sales in the next six months rose 2 points to