Feb 26: GDP up 5.9% - Economic Highlights
GDP Preliminary Q4 Estimates show GDP increased by 5.9%, more than the expected 5.6% increase, following a 5.7% estimated increase in the advance Q4 estimate (today’s preliminary release is based on a more complete set of data), after increasing by 2.2% in the third quarter of 2009. The increase in real GDP in the fourth quarter primarily reflected positive contributions from private inventory investment, personal consumption expenditures (PCE), nonresidential fixed investment, and exports. Imports, which are a subtraction in the calculation of GDP, increased. The increase in real GDP in the fourth quarter primarily reflected acceleration in private inventory investment, an upturn in nonresidential fixed investment, a deceleration in imports, and an acceleration in exports that were partly offset by decelerations in PCE and in federal government spending.
Existing Home Sales are scheduled for release today at 10:00 AM EST. Our consensus estimate shows this indicator is expected to decrease to a 5.52 million annual pace for January from the 5.45 million pace reported in December. For all of 2009 there were 5,156,000 existing-home sales, 4.9% higher than the 4,913,000 transactions recorded in 2008. This was the first annual sales gain since 2005. The national median existing-home price for all housing types was $178,300 in December, 1.5% higher than the December 2008 median.
Upcoming Releases
Personal Consumption Expenditures (03/01 at 8:30 AM EST)
ISM Manufacturing Index (03/01 at 10:00 AM EST)
Construction Spending (03/01 at 10:00 AM EST)
ISM Services Index (03/03 at 10:00 AM EST
ISM Manufacturing Index (03/01 at 10:00 AM EST)
Construction Spending (03/01 at 10:00 AM EST)
ISM Services Index (03/03 at 10:00 AM EST
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