U.S. Economic News

December 22, 2020

U.S. Economic Indicators

The third and final estimate of Q3 GDP indicates that the U.S. economy expanded at an annualized rate of 33.4% in the third quarter, up slightly from the prior estimate of 33.1%. For the third estimate, upward revisions to consumer spending and business investment were partly offset by a downward revision to exports. BEA Report

Existing home sales fell 2.5% to a seasonally adjusted annual rate of 6.7 million in November but were up 25.8% compared to a year ago. Home sales were either flat or declined in all four major regions compared to the prior month but were up significantly on a year-on-year basis. NAR Report

The Conference Board Consumer Confidence Index declined from 92.9 (revised) in November to 88.6 in December. Consumers’ assessment of current business and labor market conditions decreased sharply while near-term expectations for jobs and business conditions improved. Conference Board Report