GDP Preliminary Q3 Estimates show GDP increased by 2.5%, higher than the expected 2.4% increase, following a 2.0% estimated increase in the advance Q2 estimate (today’s preliminary 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 (PCE), private inventory investment, nonresidential fixed investment, federal government spending that were partly offset by a negative contribution from residential fixed investment and exports. 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 accelerations in private inventory investment and in PCE 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 4.46 million annual pace for October from the 4.53 million pace reported in September. The national median existing-home price for all housing types in September was $171,700, which is 2.4% below the figure recorded a year earlier.
Upcoming Releases
Existing Home Sales (11/23 at 10:00 AM EST)
FOMC Minutes (11/23 at 2:00 PM EST)
Personal Consumption Expenditures (11/24 at 8:30 AM EST)
Durable Orders (11/24 at 8:30 AM EST)
Durable Orders (11/24 at 8:30 AM EST)
