(See the BLUE BOX for the latest Key Economic Statistics.)

New and Existing Home Sales Drop in May, After Expiration of Homebuyers’ Tax Credit. New home sales fell to a record low in May, with sales of new single-family houses dropping 32.7 percent from April to a seasonally adjusted annual rate of 300,000, the lowest annual rate of sales since the Commerce Department started tracking the data in 1963 (read more here; see chart).

Excluding Transportation, Durable Goods Orders Rise. Durable goods orders, excluding transportation, rose by  0.9 percent in May to $145.1 billion, the U.S. Census Bureau reported.  Year-over-year, durable goods, excluding transportation, increased 17.6 percent. Transportation orders fell 6.9 percent to $46.9 billion, driven by a $3.0 billion decline (29.6 percent) in nondefense aircraft and parts (read more here).

First Quarter GDP Growth Revised Downward. The economy grew more slowly in the first quarter of 2010 than previously estimated, according to the  final  real GDP estimate from the Bureau of Economic Analysis.   GDP growth was revised to 2.7 percent, down from the second estimate of 3.0 percent, primarily reflecting a downward revision in personal consumption expenditures and net exports (read more here).