Archive for August 2nd, 2010

Econimic Update – August 2, 2010

Monday, August 2nd, 2010




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Last Week in the News
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New home sales rose 23.6% in June to a seasonally adjusted annual rate of 330,000 units from a revised rate of 267,000 units in May. Economists had expected a pace of 310,000 units. On a year-over-year basis, sales of new homes have fallen 16.7%.
The Standard & Poor’s/Case-Shiller 20-city housing price index — on a seasonally adjusted basis — rose 1.3% in May after a 0.9% increase in April. On a year-over-year basis, property values increased 4.6%, the largest gain since August 2006.
The consumer confidence index fell to 50.4 in July from an upwardly revised 54.3 in June. Economists had anticipated a reading of 51. The index was benchmarked at 100 in 1985, a year chosen because it was neither a peak nor a trough in consumer confidence.
The Mortgage Bankers Association said its seasonally adjusted composite index of mortgage applications for the week ending July 23 dropped 4.4%. Refinancing applications fell 5.9%. Purchase volume rose 2%.
Orders for durable goods — items expected to last three or more years — fell 1% in June after decreasing a revised 0.8% in May.
Initial claims for unemployment benefits fell by 11,000 to 457,000 for the week ending July 24. Continuing claims for the week ending July 17 rose by 81,000 to 4.57 million.
The Commerce Department announced that gross domestic product — the total output of goods and services produced in the U.S. — increased at an annual rate of 2.4% in the second quarter of 2010. Economists had expected a slightly larger 2.5% increase. This follows a revised 3.7% pace of growth in the first quarter of 2010.
Upcoming on the economic calendar are reports on construction spending on August 2, pending home sales on August 3 and consumer credit on August 6.

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