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Saturday, August 27, 2011

Wells Fargo's Weekly Economic & Financial Commentary- August 26, 2011

- Real GDP was revised down to a 1.0 percent pace in the second quarter from the initially reported 1.3 percent rate.

. Consumer spending and business investments were revised higher, but the increase was offset by a decline in inventories and net exports.

- Durable goods orders rose 4.0 percent in July, but non-defense capital goods excluding aircraft fell 1.5 percent, which may suggest weaker growth in business investment in the coming quarter.

- Jobless claims rose by 5,000 to 417,000 in the week ending August 20, while claims for the previous week were revised higher by 4,000 to 412,000.

. The increase was largely due to a labor dispute which added 21,000 claims during the past two weeks.

- New home sales fell 0.7 percent in July to a 298,000-unit pace, as builders continue to struggle with weak demand and competition from distressed properties.

. The gap between the median price of a new home and the median price of an existing home widened to a record $57,125 in July.

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