GDP Final Q3 Estimates show GDP increased by 2.6%, lower than the expected 3.0% increase, following a 2.5% estimated increase in the preliminary Q3 estimate (today’s release is based on a more complete set of data), after increasing by 3.7% in the first quarter and 1.7% in the second quarter of 2010. The increase in real GDP in the third quarter primarily reflected positive contributions from personal consumption expenditures; private inventory investment, nonresidential fixed investment, exports, and federal government spending that were partly offset by a negative contribution from residential fixed investment. Imports, which are a subtraction in the calculation of GDP, increased. The acceleration in real GDP in the third quarter primarily reflected a sharp deceleration in imports and an acceleration in private inventory investment that were partly offset by a downturn in residential fixed investment and decelerations in nonresidential fixed investment and in exports.
Existing Home Sales are scheduled for release today at 10:00 AM EST. Our consensus estimate shows this indicator is expected to increase to a 4.73 million annual pace for November from the 4.43 million pace reported in October. The national median existing-home price for all housing types in October was $170,500, which is 0.9% below the figure recorded a year earlier.
Crude inventories are expected today at 10:30 AM EST. For the week ending December 10, U.S. commercial crude oil inventories had decreased by 9.9 million barrels from the previous week to 346.0 million barrels and were above the upper limit of the average range for that time of year. U.S. crude oil refinery inputs averaged 15.0 million barrels per day during this period, 71 thousand barrels per day above the previous week’s average. U.S. crude oil imports were averaging 7.7 million barrels per day, down by 1.4 million barrels per day from the previous week.
Upcoming Releases
Existing Home Sales (12/22 at 10:00 AM EST)
Crude Inventories (12/22 at 10:30 AM EST)
Personal Consumption Expenditures (12/23 at 8:30 AM EST)
Durable Orders (12/23 at 8:30 AM EST)
