U.S. Economic News

August 27, 2020

U.S. Economic Indicators

Initial jobless claims fell 98,000 to 1,006,000 last week. The four-week moving average decreased 107,250 to 1,068,000. DOL Report

The second estimate of Q1 GDP indicates that the U.S. economy contracted at an annualized rate of -31.7%, little changed from the prior estimate of -32.9%. The slight upward revision reflects smaller declines in private inventories and consumer spending than previously estimated. BEA

The National Association of Realtors Pending Home Sales Index rose 5.9% in July (up 16% year-over-year). NAR reports that pent-up demand from pandemic lockdown measures earlier this year is driving a strong, V-shaped recovery in the housing market. NAR Report