- Real GDP decreased at an annual rate of 31.7% in the second quarter of 2020, according to the “second” estimate by the Bureau of Economic Analysis. In the first quarter, real GDP decreased 5.0%. In the advance estimate, released a month ago, the decrease in real GDP was 32.9% for the second quarter.
- Real final sales of domestic product (GDP less change in private inventories) decreased 28.5% in the second quarter, following a decrease of 3.6% in the first quarter.
- Real gross domestic income (GDI) decreased 33.1% in the second quarter of 2020, following a decrease of 2.5% in the first quarter.
- The average of real GDP and real GDI, a supplemental measure of U.S. economic activity that equally weights GDP and GDI, decreased 32.4% in the second quarter, compared with a decrease of 3.7% in the previous quarter.
- The price index for gross domestic purchases decreased 1.5% in the second quarter of 2020, compared with an increase of 1.4% in the previous quarter.
- The personal consumption expenditures (PCE) price index decreased 1.8% in the second quarter, compared with an increase of 1.3% in the previous quarter. Excluding food and energy prices, the PCE price index decreased 1.0% in the second quarter, compared with an increase of 1.6% in the previous quarter.
- Corporate profits from current production decreased $226.9 billion in the second quarter, in contrast to a decrease of $276.2 billion in the previous quarter. Profits of domestic financial corporations increased $39.5 billion in the second quarter, in contrast to a decrease of $42.2 billion in the previous quarter. Profits of domestic nonfinancial corporations decreased $170.1 billion, compared with a decrease of $190.5 billion in the previous quarter. The rest-of-the-world component of profits decreased $96.2 billion, compared with a decrease of $43.5 billion in the previous quarter.
- Personal income increased 0.4% in July, and personal consumption expenditures increased 1.9%. The price index for personal consumption expenditures increased 0.3% in July, following a 0.5% increase in the previous month. The core index also increased 0.3% in July. The headline index was up 1.0%, and the core index was up 1.3% from July 2019.
- The advance figure for initial claims for unemployment insurance decreased 98 thousand to 1,006 thousand in the week ending August 22. The 4-week moving average was 1,068 thousand, a decrease of 107.25 thousand from the previous week’s revised average. The advance number for seasonally adjusted insured unemployment (ongoing) during the week ending August 15 was 14,535 thousand, a decrease of 223 thousand from the previous week’s revised level. The 4-week moving average was 15,215.75 thousand, a decrease of 604 thousand from the previous week’s revised average. The advance seasonally adjusted insured unemployment rate was 9.9% for the week ending August 15, a decrease of 0.2 percentage point from the previous week’s unrevised rate. It was stated that: “Beginning with the Unemployment Insurance (UI) Weekly Claims News Release issued Thursday, September 3, 2020, the methodology used to seasonally adjust the national initial claims and continued claims will reflect additive factors as opposed to multiplicative factors.”
- The results of Freddie Mac’s Primary Mortgage Market Survey showed that average fixed mortgage rates were falling. The 30-year fixed mortgage rate averaged 2.91% for the week ending August 27, down from last week when it averaged 2.99%. A year ago, the 30-year fixed mortgage rate was 3.58%. The 15-year fixed mortgage rate averaged 2.46%, down from the previous week when it averaged 2.54%. A year ago, the 15-year fixed mortgage rate was 3.06%.
- Mortgage applications decreased 6.5% from a week earlier, according to data from Mortgage Bankers Association’s (MBA) Weekly Applications Survey for the week ending August 26th.
- The Thomson Reuters/University of Michigan Index of Consumer Sentiment increased to 74.1 in August, from 72.5 in July. The Index was 89.8 a year ago. The Current Conditions Index inched up from 82.8 in July to 82.9 in August, while the Index of Consumer Expectations increased to 68.5 in August, from 65.9 in July.
- There were 24,996,456 COVID-19 confirmed cases in the world, 842,499 deaths, and 16,409,757 recovered, according to Johns Hopkins University, Coronavirus Resource Center (access date and time: 8/30/2020, 1:30 EST). In the United States, there are 5,961,094 confirmed cases, 182,761 deaths, and 2,140,614 recovered cases. The world is struggling to control the spread of the virus.
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