MetroIntelligence Economic Update by P. DUFFY
2Q21 GDP rose at 2.0 percent in first estimate
Real gross domestic product (GDP) increased at an annual rate of 2.0 percent in the third quarter of 2021, according to the “advance” estimate. In the second quarter, real GDP increased 6.7 percent. The “second” estimate for the third quarter, based on more complete data, will be released on November 24, 2021.
Initial unemployment claims dip another 10,000 to 281,000
In the week ending October 23, initial unemployment claims were 281,000, a decrease of 10,000 from the previous week’s revised level. Continued claims during the week ending October 16 were 2,243,000, a decrease of 237,000 from the previous week’s revised level. The total number of continued weeks claimed for benefits in all programs for the week ending October 9 was 2,830,661, a decrease of 448,386 from the previous week.
Pending home sales index drops 2.3 percent in September, down 8.0 percent year-on-year
The Pending Home Sales Index (PHSI) decreased 2.3% to 116.7 in September. Year-over-year, signings decreased 8.0%. Each of the four major U.S. regions saw contract activity decline month-over-month and year-over-year, with the Northeast weathering the largest yearly drop.