Second Quarter GDP Revised Up to 1.7%

The gross domestic product was revised to a 1.7% annual rate in the second quarter from the initially reported 1.5%, the Commerce Department said Wednesday.

The revised GDP rate follows a 2% pace in the first quarter, Commerce said in its report on gross domestic product, the value of all goods and services produced.

The report showed consumer spending rose at a 1.7% annual rate revised from a 1.5% initial estimate. The GDP estimate is the second of three.

Business inventories previously reported as contributing 0.32% to growth, subtracted 0.23%.

View the original article here

Existing Home Sales Rise in November; Purchases Since 2007 Revised Down

Existing home sales rose 4% in November to an annual rate of 4.42 million homes, but sales figures since 2007 were revised down, the National Association of Realtors said Wednesday.

The median price of existing homes fell 3.5% in November from a year ago, to $164,200.

Sales increased in all four national regions, led by a 9.8% gain in the Northeast.

The group also reported existing home sales for 2010 were revised down by 15% to 4.19 million, from 4.91 million.

Purchases were also revised down by 16% for 2009, 16% for 2008 and 11% for 2007.

View the original article here

Third-Quarter GDP Rate Again Revised Downward

The U.S. economy rose at a slower rate than previously reported in the third quarter, growing at a 1.8% annual pace, the Commerce Department said Thursday.

The third-quarter gross domestic product growth rate was first reported at 2.5% in October, then was revised down to 2% last month.

GDP rose at a 1.3% rate in the second quarter.

Economists had forecast the rate would hold at 2% growth, which had been the fastest in a year, Bloomberg reported.

Consumer spending, which accounts for about 70% of the economy, grew at a 1.7% rate, down from a previously reported 2.3% rate.

Thursday’s third-quarter GDP figure was the third and final of three released by Commerce.

View the original article here