EconUpdate by P. Duffy
3Q 2021 GDP annualized growth edges up to 6.5 percent
Real gross domestic product (GDP) increased at an annual rate of 6.5 percent in the second quarter of 2021, reflecting the continued economic recovery, reopening of establishments, and continued government response related to the COVID-19 pandemic. In the second quarter, government assistance payments in the form of loans to businesses and grants to state and local governments increased, while social benefits to households, such as the direct economic impact payments, declined. In the first quarter of 2021, real GDP increased 6.3 percent.
Initial unemployment claims dip 24,000 to 400,000
In the week ending July 24, initial unemployment claims were 400,000, a decrease of 24,000 from the previous week’s revised level. Continued claims during the week ending July 17 was 3,269,000, an increase of 7,000 from the previous week’s revised level. The total number of continued weeks claimed for benefits in all programs for the week ending July 10 was 13,156,252, an increase of 582,403 from the previous week.
Pending home sales slip 1.9 percent in June and also 1.9 percent year-on-year
Pending home sales decreased 1.9% in June from the prior month and from one year ago. Compared to the month before, contract signings rose in the Northeast and Midwest but fell in the South and West. Compared to one year ago, only the Northeast region saw an increase in contract signings.