Key Economic Indicators – July 31, 2017

·      Real GDP increased at an annual rate of 2.6% in the second quarter of 2017, according to the “advance” estimate by the Bureau of Economic Analysis. In the first quarter, real GDP increased 1.2%.

·      Real final sales of domestic product (GDP less change in private inventories) increased 2.6% in the second quarter, in contrast to an increase of 2.7% in the first quarter.

·      The price index for gross domestic purchases increased 0.8% in the second quarter, compared with an increase of 2.6% in the previous quarter.

·      The personal consumption expenditures (PCE) price index increased 0.3%, compared with an increase of 2.2% in the previous quarter. Excluding food and energy prices, the PCE price index increased 0.9%, compared with an increase of 1.8%.

·      Real gross domestic product (GDP) increased in 43 states and the District of Columbia in the first quarter of 2017, according to the U.S. Bureau of Economic Analysis. Real GDP by state growth in the first quarter ranged from 3.9% in Texas to negative 4.0% in Nebraska.

·      New orders for manufactured durable goods increased 6.5% in June, while shipments held steady. Year-to-date, new orders were up 5.0%, while shipments were up 3.0%.

·      June existing home sales were down 1.8% from the previous month, but were up 0.7% from June 2016. The median sales price of existing houses sold was $263.8 thousand, 6.5% above June 2016.

·      The results of Freddie Mac’s Primary Mortgage Market Survey of July 27th showed average fixed mortgage rates decreasing. 30-year fixed-rate mortgage averaged 3.92% for the week ending July 27th, down from last week when it averaged 3.96%. A year ago at this time, 30-year fixed-rate mortgage averaged 3.48%.

·      Mortgage applications increased 0.4% from a week earlier, according to data from Mortgage Bankers Association’s (MBA) Weekly Applications Survey for the week ending July 21.

·      In the week ending July 22, the advance figure for seasonally adjusted initial claims was 244 thousand, an increase of 10 thousand from the previous week’s revised level. The 4-week moving average was 244 thousand, unchanged from the previous week’s revised average.

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