Fed Lowers Rate by 0.25%
Oct 31, 3:35 PM EDT |
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| The Federal Open Market Committee decided today to lower its target for the federal funds rate 25 basis points to 4.50%. |
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| Economic growth was solid in the third quarter, and strains in financial markets have eased somewhat on balance. However, the pace of economic expansion will likely slow in the near term, reflecting the intensification of the housing correction. Today’s action, combined with the policy action taken in September, should help forestall some of the adverse effects on the broader economy that might otherwise arise from the disruptions in financial markets and promote moderate growth over time. |
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Distillate and Gasoline Inventories Rise
Oct 31, 11:50 AM EDT |
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| Distillate fuel inventories increased by 0.8 million barrels, and are at the upper limit of the average range for this time of year. |
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| U.S. commercial crude oil inventories fell by 3.9 million barrels compared to the previous week. At 312.7 million barrels, U.S. crude oil inventories are in the upper half of the average range for this time of year. Total motor gasoline inventories increased by 1.3 million barrels last week, and are in the lower half of the average range. Both finished gasoline inventories and gasoline blending components rose last week. |
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Japan's Economy Continues Its Expansion
Oct 31, 11:40 AM EDT |
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| The rate of real GDP growth in fiscal 2007 and fiscal 2008 is likely to register around 2% on average, somewhat higher than the potential growth rate. |
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| From the second half of fiscal 2007 through fiscal 2008, the economy is likely to continue its sustained expansion, although there are uncertainties regarding overseas economies and global financial markets. A virtuous circle of growth in production, income, and spending is expected to remain in place. The growth rate will be somewhat lower in fiscal 2007 and somewhat higher in fiscal 2008 due to a swing in housing investment. |
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Construction Spending Advances 0.3% in September
Oct 31, 11:19 AM EDT |
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| Spending on private construction was at a seasonally adjusted annual rate of $869.0 billion, 0.2% below the revised August estimate of $871.0 billion. |
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| The U.S. Census Bureau of the Department of Commerce announced today that construction spending during September 2007 was estimated at a seasonally adjusted annual rate of $1,162.8 billion, 0.3% above the revised August estimate of $1,159.2 billion. The September figure is 0.8% below the September 2006 estimate of $1,172.1 billion. During the first 9 months of this year, construction spending amounted to $872.2 billion, 3.2% below the $901.0 billion for the same period in 2006. |
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Gross Domestic Product Rises 3.9% in Q3
Oct 31, 9:51 AM EDT |
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| In the second quarter, real GDP increased 3.8%. |
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| Real gross domestic product - the output of goods and services produced by labor and property located in the United States - increased at an annual rate of 3.9% in the third quarter of 2007, according to advance estimates released by the Bureau of Economic Analysis. |
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New Home Sales Rise 4.8% in September
Oct 25, 10:16 AM EDT |
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| The median sales price of new houses sold in September 2007 was $238,000; the average sales price was $288,000. |
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| Sales of new one-family houses in September 2007 were at a seasonally adjusted annual rate of 770,000, according to estimates released jointly today by the U.S. Census Bureau and the Department of Housing and Urban Development.This is 4.8% above the revised August rate of 735,000, but is 23.3% below the September2006 estimate of 1,004,000. |
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Jobless Claims Drop by 8,000
Oct 25, 8:54 AM EDT |
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| The advance seasonally adjusted insured unemployment rate was 1.9% for the week ending Oct. 13, unchanged from the last week unrevised rate of 1.9%. |
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| In the week ending Oct. 20, the advance figure for seasonally adjusted initial claims was 331,000, a decrease of 8,000 from the previous week''''s revised figure of 339,000. The 4-week moving average was 324,750, an increase of 7,750 from the previous week''''s revised average of 317,000. |
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Durable Goods Orders Decline 1.7% in September
Oct 25, 8:47 AM EDT |
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| Shipments of manufactured durable goods in September, down three of the last four months, decreased $4.4 billion or 2.0% to $211.6 billion. |
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| New orders for manufactured durable goods in September decreased $3.8 billion or 1.7% to $214.5 billion, the U.S. Census Bureau announced today. This was the second consecutive monthly decrease and followed a 5.3% August decrease. Excluding transportation, new orders increased 0.3%. Excluding defense, new orders increased 0.7%. |
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Crude,Gasoline and Distillate Inventories Fall
Oct 24, 10:50 AM EDT |
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| Distillate fuel inventories decreased by 1.8 million barrels, and are at the upper limit of the average range for this time of year. |
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| U.S. commercial crude oil inventories fell by 5.3 million barrels compared to the previous week. At 316.6 million barrels, U.S. crude oil inventories are near the upper end of the average range for this time of year. Total motor gasoline inventories decreased by 2.0 million barrels last week, and are at the lower end of the average range.Both finished gasoline inventories and gasoline blending components fell last week. |
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Existing Home Sales Decline 8% in September
Oct 24, 10:21 AM EDT |
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| The median existing single-family home price was $210,200 in September, down 4.9% from a year ago. |
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| Total existing-home sales – including single-family, townhomes, condominiums and co-ops – fell 8.0% to a seasonally adjusted annual rate of 5.04 million units in September from a downwardly revised pace of 5.48 million in August, and are 19.1% below the 6.23 million-unit level in September 2006. |
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