U.S. Economic News
August 29, 2019
U.S. Economic Indicators
The second estimate of Q2 GDP indicates that the U.S. economy expanded at an annualized rate of 2.0%, down slightly from the prior estimate of 2.1%. The latest reading reflects downward revisions to government spending, exports, and residential investment that were partially offset by an upward revision to consumer spending. BEA Report
The U.S. Census Bureau Advance Economic Indicators Report shows that the goods deficit narrowed to $72.3 billion in July from $74.2 billion in June. Meanwhile, wholesale inventories rose 0.2% and retail inventories rose 0.8%. Census Bureau Report
The National Association of Realtors pending home sales index declined 2.5% in July (down 0.3% Y/Y). NAR reports that economic uncertainty has held back potential demand, and there continues to be a shortage of moderately-priced homes. NAR Report
Initial jobless claims rose 4,000 to 215,000 last week. The four-week moving average fell 500 to 214,500. DOL Report