U.S. Economic News
October 29, 2020
U.S. Economic Indicators
The advance estimate of Q3 GDP indicates that the U.S. economy expanded at an annualized rate of 33.1%, slightly above consensus estimates. The increase in real GDP reflects positive contributions from consumer spending, private inventories, business investment, and residential investment that were partly offset by negative contributions from government spending and net exports. BEA Report
Initial jobless claims fell 40,000 to 751,000 last week. The four-week moving average decreased 24,500 to 787,750. DOL Report
The National Association of Realtors Pending Home Sales Index fell 2.2% in September (up 20.5% Y/Y). NAR reports that while pending home sales experienced a minor decline in September, the demand for home buying remains strong with total home sales in 2020 expected to exceed 2019 levels. NAR Report