EconUpdate by P. Duffy
Pending home sales rebound 1.9 percent in March and 23.3 percent year-on-year
What does this mean? More inventory was released to the market in March, and year-on-year comparisons are from the first month of pandemic lock-downs.
Pending home sales increased 1.9 percent in March, snapping two consecutive months of declines, and were up 23.3 percent year-on-year. Compared to the prior month, pending sales increased nationwide except in the Midwest region. Compared to one year ago, pending sales rose by double-digits in all regions.
1Q2021 GDP rises to 6.4 percent, up from 4.3 percent previous quarter
What does this mean? A combination of government stimulus, rising corporate profits and business reopenings contributed to the gain.
Real gross domestic product (GDP) increased at an annual rate of 6.4 percent in the first quarter of 2021, reflecting the continued economic recovery, reopening of establishments, and continued government response related to the COVID-19 pandemic. In the fourth quarter of 2020, real GDP increased 4.3 percent.
Initial unemployment claims dip 2.3 percent to 553,000
What does this mean? While the downward trend is positive, initial claims remain more than double normal levels.
In the week ending April 24, initial unemployment claims were 553,000, a decrease of 13,000, or 2.3 percent, from the previous week’s revised level. Continued claims during the week ending April 17 were 3,660,000, an increase of 9,000, or 0.24 percent, from the previous week’s revised level. The total number of continued weeks claimed for benefits in all programs for the week ending April 10 was 16,559,276, a decrease of 845,874, or 4.9 percent, from the previous week.