- Real GDP increased at an annual rate of 2.5% in the fourth quarter of 2017, after increasing 3.2% in the previous quarter, according to the “second” estimate released by the Bureau of Economic Analysis. In the “advance” estimate, released about a month ago, the increase in real GDP also 2.6%.
- Real final sales of domestic product increased 3.3%, following a 2.4% increase in the previous quarter.
- The price index for gross domestic purchases increased 2.5% in the fourth quarter, compared to an increase of 1.7% in the previous quarter. The price index for personal consumption expenditures increased 2.7%, compared with an increase of 1.5%. Excluding food and energy prices, the price index for personal consumption expenditures increased 1.9%, following an increase of 1.3% in the previous quarter.
- Real GDP increased 2.3% in 2017, compared with an increase of 1.5% in 2016. Current-dollar GDP increased 4.1%, or $761.7 billion, in 2017 to a level of $19,386.2 billion, compared with an increase of 2.8 percent, or $503.8 billion, in 2016.
- The price index for gross domestic purchases increased 1.8% in 2017, compared with an increase of 1.0% in 2016.
- Personal income increased 0.4% in January, the same increase as in the previous month. Personal consumption expenditures, which increased 0.4% in December, increased 0.2% in January. The price index for personal consumption expenditures increased 0.4% in January, while the core index increased 0.3%. The price index (headline index) was up 1.7% from January 2017, while the core index was up 1.5%.
- New orders for manufactured durable goods decreased 3.7% in January while shipments increased 0.2%. New orders increased 8.9% from January 2017, while shipments increased 8.2%. Inventories increased 0.3% in January.
- Retail inventories for January were up 0.8% from December 2017, and were up 2.4% from January 2017, according to the U.S. Census Bureau.
- Wholesale inventories for January were up 0.7% from December 2017, and were up 4.7% from January 2017.
- The international trade deficit of goods was $74.4 billion in January, up $2.1 billion from $72.3 billion in December. Exports of goods for January decreased $3.1 billion to $133.9 billion, and imports of goods decreased $0.9 billion to $208.3 billion.
- Sales of new single-family houses in January 2018 were at a seasonally adjusted annual rate of 593 thousand according to estimates released jointly by the U.S. Census Bureau and the Department of Housing and Urban Development. This is 7.8% below the revised December rate and is 1.0% below the January 2017 estimate. The median sales price of new houses sold in January 2018 was $323 thousand, 2.5% increase from a year ago. The average sales price was $382.7 thousand, 7.0% increase from a year ago. The seasonally-adjusted estimate of new houses for sale at the end of January was 301 thousand. This represents a supply of 6.1 months at the current sales rate.
- The S & P Corelogic Case-Shiller National U.S. Home Price Index posted a 6.3% annual gain in December. The 10-city Composite index increased 6.0% from a year ago, while the 20-city composite index increased 6.3%.
- U.S. house prices rose 1.6% in the fourth quarter of 2017 according to the Federal Housing Finance Agency (FHFA) House Price Index (HPI). House prices rose 6.7% from the fourth quarter of 2016 to the fourth quarter of 2017. FHFA’s seasonally adjusted monthly index for December was up 0.3% from November.
- The Pending Home Sales Index, a leading indicator for the housing sector, decreased 4.7% to a reading of 104.6 in January, according to the National Association of Realtors. The index was 108.7 in January 2017.
- Mortgage applications increased 2.7% from a week earlier week, according to data from Mortgage Bankers Association’s (MBA) Weekly Applications Survey for the week ending February 23rd.
- The advance figure for initial claims for unemployment insurance decreased 10 thousand to 210 thousand in the week ending February 24. This is the lowest level since December 6, 1969 when it was 202 thousand. The 4-week moving average was 220.5 thousand, a decrease of 5 thousand from the previous week’s revised average. This is the lowest level since December 27, 1969 when it was 219.75 thousand.
- In 2017, annual average unemployment rates decreased in 32 states and were little changed or unchanged in 18 states and the District of Columbia, according to the U.S. Bureau of Labor Statistics. Employment-population ratios increased in 12 states, decreased in 2 states, and little changed or were unchanged in 36 states and the District of Columbia.
- The Conference Board Consumer Confidence Index, which had increased modestly in January, increased in February. The Index now stands at 130.8 (1985=100), up from 124.3 in January. The Present Situation Index rose from 154.7 to 162.4, and the Expectations Index increased from 104.0 to 109.7.
- The Chicago Fed’s National Activity Index ticked down to 0.12 in January, from 0.14 in December.
- The Chicago Fed’s National Financial Conditions Index ticked up to negative 0.79 in the week ending February 23.
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