Weekly Economic Update: November 22-26, 2010

Nov 30 2010

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Overview:  GDP growth was revised upwards to 2.5% for the 3rd quarter.  Existing home sales fell 2.2% in October as new home sales fell 8.1%.  Personal income rose 0.5% and personal spending rose 0.4% in October.  Durable orders fell 3.3% in October.  Initial jobless claims fell by 34,000 to a level of 407,000 for the week ended 11/20.

GDP growth for the 3rd quarter was revised upwards to an annual rate of 2.5%, from a prior, advance estimate of 2.0%.

Existing home sales fell 2.2% to an annual pace of 4.43 million units in October.

New home sales fell 8.1% to an annual pace of 283,000 units in October.

Personal income rose 0.5% in October as personal spending increased 0.4%.

Durable orders fell by a greater-than-anticipated 3.3% in October. Excluding transportation, orders were down 2.7%.

Initial jobless claims unexpectedly fell by 34,000 to 407,000 for the week ended November 20th.  



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