The Commerce Department’s final estimate for second quarter GDP was revised upwards to 1.3% annualized, compared to the previous estimate of 1.0%. It’s a mediocre revision to an unimpressive number.
A big 37,000 decline in initial jobless claims last week pushed the total down to 391,000. Claims seem to have been inflated by Hurricane Irene’s aftermath in prior weeks.
The National Association of Realtors reported that the pending home sales index fell 1.2 percent to 88.6. Credit and appraisal problems are on the rise, which indicates future weakness, as well.
Corporate profits in the second quarter were revised upwards to an annualized $1.470 trillion, up 0.3% on a year-over-year basis.
The Bloomberg Consumer Comfort Index dropped to -53 in the period ending Sep 25. That’s the second-lowest reading ever for the index. Confidence by homeowners and part-time workers fell to the lowest level since 1990.
The Kansas City Fed’s Manufacturing Index improved slightly to 6 in September from 3 in August. Readings above 0 generally indicate expansion in activity.