BEA now estimates real GDP increased at an annual rate of 3.0% in Q2, an increase from 2.8% growth reported in the “advance” estimate.
News in end use
US Apartment Completions Continue to Increase in Q1
The percentage of new apartment units that were absorbed within three months of completion rose from a decade low of 42% in 2023Q4 to 53% in Q1, the Census Bureau and NAHB reported.
US Fixed-Rate Mortgages Continue to Decline in the Week Ending August 29th
The 30-year fixed-rate mortgage averaged 6.35%, down from last week when it averaged 6.46%, Freddie Mac reported.
US Weekly Initial Jobless Claims Decline in the Week Ending August 24th
The advance figure for seasonally adjusted initial unemployment claims was 231,000, a decrease of 2,000 from the previous week’s revised level.
Canadian Payroll Employment and Job Vacancies Report for June
The number of employees receiving pay and benefits from their employer—measured as “payroll employment”—decreased by 47,300, or 0.3%, in June.
US Single-Family Permit-To-Completion Time Has Increased by 3 Months Since 2015
The average completion time of a single-family house in 2023 was approximately 10.1 months, the Census Bureau and NAHB reported.
Mortgage Applications Inch Higher in the Week Ending August 23rd
Mortgage loan application volume increased 0.5% on a seasonally adjusted basis from one week earlier, MBA reported.
Typical US Homebuyer’s Down Payment Hits Record High in June
The typical down payment for US homebuyers hit a record high of $67,500 in June, up 14.8% from $58,788 a year earlier, Redfin reported.
FHFA Home Price Index Declines 0.1% Month-Over-Month in June
The FHFA Home Price Index showed US house prices, seasonally adjusted, were down 0.1% month-over-month in June.
The Conference Board US Consumer Confidence Index Increases in August
The Conference Board Consumer Confidence Index® increased to a reading of 103.3 in August, up from a revised reading of 101.9 in July.