- Real GDP increased at an annual rate of 2.1% in the fourth quarter of 2019, according to the “second” estimate released by the Bureau of Economic Analysis. In the third quarter, real GDP also increased 2.1%.
- Real final sales of domestic product increased 3.1%, following a 2.1% increase in the previous quarter.
- The price index for gross domestic purchases increased 1.4% in the fourth quarter, the same increase as in the previous quarter. The price index for personal consumption expenditures increased 1.3%, compared with an increase of 1.5%. Excluding food and energy prices, the price index for personal consumption expenditures increased 1.2%, following an increase of 2.1% in the previous quarter.
- Real GDP increased 2.3% in 2019, compared with an increase of 2.9% in 2018. Current-dollar GDP increased 4.1%, or $846.9 billion, in 2019 to a level of $21.43 trillion, compared with an increase of 5.4 percent, or $1,060.8 billion, in 2018.
- The price index for gross domestic purchases increased 1.5% in 2019, compared with an increase of 2.4% in 2018. The price index for personal consumption expenditures increased 1.4%, compared with an increase of 2.1%. Excluding food and energy prices, the price index for personal consumption expenditures increased 1.6%, compared with an increase of 1.9% in 2018.
- Personal income increased 0.6% in January, following a 0.1% increase in the previous month. Disposable personal income increased 0.6%, following a 0.1% increase in the previous month. The price index for personal consumption expenditures increased 0.1% in January, following a 0.3% increase in the previous month. The core index (price index for personal consumption expenditures excluding food and energy) increased 0.1% in January, following a 0.2% increase in the previous month. The price index (headline index) was up 1.7% from January 2019 to January 2020, while the core index was up 1.6%.
- Both new orders and shipments for manufactured durable goods decreased 0.2% in January. New orders in January 2020 decreased 2.3% from January 2019, while shipments decreased 2.2%.
- Retail inventories for January were virtually unchanged from December 2019, and were up 0.3% from January 2019, according to the U.S. Census Bureau.
- Wholesale inventories for January were down 0.2% from December 2019, and were up 0.6% from January 2019.
- The international trade deficit of goods was $65.5 billion in January, down $3.2 billion from $68.7 billion in December. Exports of goods for January decreased $1.4 billion to $135.7 billion, and imports of goods decreased $4.6 billion to $201.2 billion.
- Sales of new single-family houses in January were at an annual rate of 764 thousand, 7.9% above December 2019 and 18.6% above January 2019, according estimates by the U.S. Census Bureau and the Department of Housing and Urban Development.
- The results of Freddie Mac’s Primary Mortgage Market Survey showed mortgage rates falling. 30-year fixed-rate mortgage averaged 3.45% for the week ending February 27, down from last week when it averaged 3.49%. A year-ago at this time, the 30-year fixed-rate mortgage averaged 4.35%. 15-year fixed-rate mortgage averaged 2.95%, down from last week when it averaged 2.99%. A year-ago at this time, the 15-year fixed-rate mortgage averaged 3.77%.
- Mortgage applications increased 1.5% from a week earlier week, according to data from Mortgage Bankers Association’s (MBA) Weekly Applications Survey for the week ending February 21, 2020.
- The advance figure for initial claims for unemployment insurance increased 8 thousand to 219 thousand in the week ending February 22. The 4-week moving average was 209.75 thousand, an increase of 0.5 thousand from the previous week’s revised average. The advance number for seasonally adjusted insured unemployment (ongoing) during the week ending February 15 was 1,724 thousand, a decrease of 9 thousand from the previous week’s revised level. The 4-week moving average was 1,729.25 thousand, an increase of 5.25 thousand from the previous week’s revised average.
- The Conference Board Consumer Confidence Index, which had increased in January, improved slightly in February. The Index now stands at 130.7 (1985=100), up from 130.4 in January. The Present Situation Index decreased from 173.9 to 165.1, and the Expectations Index increased from 101.4 to 107.8.
- The University of Michigan Index of Consumer Sentiment for February was 101.0, up from 98.8 in January. The Index was 93.8 in February 2019. The Current Economic Conditions Index edged up from 114.4 in January to 114.8 in February, while the Index of Consumer Expectations increased from 90.5 to 92.1.
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