Economic Update

[Adam in CO]

Last Week in the News July sales of existing homes dropped by 4.1% from June to a seasonally adjusted annual rate of 6.33 million units, the lowest level since January 2004, the National Association of Realtors reported August 23. The showing was weaker than the 6.55 million sales pace analysts had anticipated.
Sales of new homes fell by 4.3% in July to a seasonally adjusted sales pace of 1.07 million units, the Commerce Department said August 24. The decline was the largest percentage drop since February, and lower than the 1.1 million sales pace analysts had expected.
Orders to U.S. factories for durable goods -- items expected to last at least three years -- fell 2.4% in July as demand for aircraft and automobiles weakened, the Commerce Department reported August 24. The 2.4% decline, which followed two consecutive monthly increases, was a poorer showing than expected.
The employment market remains solid as first-time jobless claims fell by 1,000 for the week ending August 19, the Labor Department said August 24.
Interest rates on 30-year mortgages also fell for a fifth straight week, according to Freddie Mac data released August 24.
This week look for updates on consumer confidence on August 29 and the gross domestic product on August 30