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Friday, July 27, 2012

Weekly Economic News

The economy expanded at a 1.5 percent pace in the second
quarter, supported by personal consumption, business
investment and residential construction. Government
spending and net exports subtracted from growth.
· New home sales were beginning to slow as sales contracted
8.4 percent in June to a 350,000 unit annualized pace but
sales remain up 18.9 percent compared with levels of the yearearlier
· Durable goods came in stronger than expected in June, rising
1.6 percent on news of stronger defense spending

Friday, July 20, 2012

A Week of Mixed Economic Signals

Retail sales posted a sharp decline of 0.5 percent for June, signaling a slower pace of consumer spending to end the second quarter.

Industrial production rose modestly in June, as automakers and machinery producers helped to support manufacturing output.

Housing market data came in mixed for June, with housing starts climbing a robust 6.9 percent while existing home sales fell 5.4 percent. The disappointing pace of existing home sales is reflective of the slow pace of the housing recovery.

VIDEO: Monthly Economic Outlook -- July 2012

Wednesday, July 18, 2012

Housing Starts Rise Solidly In June

Housing starts rose 6.9 percent in June to a 760,000-unit annual pace. Single-family starts rose 4.7 percent, marking their fourth consecutive rise. The multifamily sector saw starts jump 12.8 percent, but permits fell.

Friday, July 6, 2012

Wells Fargo: Housing Data Wrap-Up: June 2012

Even with the overall economy slowing, the budding recovery in the housing market appears to be gradually gaining momentum. New construction during the first five months of 2012 has benefitted from modest gains in employment, increased household formations and resurgent demand for apartments. Milder-than-usual weather also bolstered construction in the Northeast and Midwest during the seasonally slow winter months. Moreover, home prices have firmed up. The S&P/Case-Shiller 20-City Home Price Index rose 0.7 percent in April and the March gain was revised up from 0.1 to 0.7 percent. Prices have now increased for three consecutive months and are up at a 6.2 percent annual rate over this period.

Tuesday, July 3, 2012

Factory Orders Bounce Back In May

After posting a 0.7 percent decline in April, factory orders bounced back by 0.7 percent in May. Durable goods orders were revised upward from their initial estimate, suggesting that orders remained modest in May.

Construction Spending Reading Better Than Expected in May

Construction spending rose 0.9 percent in May and is now at the highest level since early 2009. Benchmark revisions show previous months’ data was upwardly revised. Public spending continued to show weakness.