U.S. Economic News
September 30, 2020
U.S. Economic Indicators
The third and final estimate of Q2 GDP indicates that the U.S. economy contracted at an annualized rate of -31.4% in the second quarter, little changed from the prior estimate of -31.7%. For the third estimate, an upward revision to consumer spending was offset by downward revisions to exports and nonresidential fixed investment. BEA Report
The ADP Employment Report shows that private-sector employment increased by 749,000 jobs in September, somewhat above expectations. The services sector gained 552,000 jobs, while the goods-producing sector gained 196,000 jobs. ADP Report
The National Association of Realtors Pending Home Sales Index rose 8.8% to a record high in August (up 24.2% year-over-year). NAR reports that low mortgage rates have helped drive the historic rise in pending sales, though the increase may not necessarily translate into record high home sales as not all contracts lead to closings. NAR Report