Q2 GDP revision; July’s income and outlays, durable goods, & new home sales
The key economic reports that were released last week were the 2nd estimate of 2nd quarter GDP and the July report on Personal Income and Spending , both from the Bureau of Economic Analysis…the week also saw the release of the July advance report on durable goods and the July report on new home sales both from the Census Bureau, the Case-Shiller house price indexes for June from S&P Case-Shiller, who reported that their national home price index, based on relative April, May and June home sales prices, was 1.9% higher than their home price index based on prices of the same homes that sold during the same three months of a year ago, and the Chicago Fed National Activity Index (CFNAI) for July , a weighted composite index of 85 different economic metrics, which decreased to –0.19 in July from a revised –0.18 in June, which had previously been reported at –0.10…as a result, the 3 month average of the CFNAI increased to –0.18 in July from –0.26 in June, which, as a negative numbe...