The U.S. Census Bureau reported new home sales decreased 8.7% in August. New home sales in July were revised up to 739,000. August’s seasonally adjusted rate was 675,000 units, showing a (+5.8%) increase year over year. Sales decreased in the Midwest (-17.2%), West (-9.4%), and South (-7.5%). The Northeast saw a (+6.7%) increase. The regional year-over-year figures were mixed with the West (+44.1%), Midwest (+24.2%), and Northeast (+18.5%) showing increases, while the South was down (-9.2%). The median new house price was (-2.27%) lower than last year at $430,300. The average sale price was (-3.15%) lower than last year at $514,000. There were 436,000 new homes for sale at the end of August, up from 431,000 units in July. Year over year, new homes for sale were down (-5.21%). Houses under construction made up roughly 44% of the August new home sales, with homes not started accounting for 16.7%, and completed homes accounting for about 39.1%.

The U.S. Census Bureau reported that new orders for manufactured durable goods increased 0.2% to a seasonally adjusted $284.7 billion in August. The reading, up five of the last six months, follows a revised (-5.6%) for July, which was originally reported as a (-5.2%) drop. A primary contributor to the upturn was an increase in new orders for defense aircraft and parts which posted a (+19.2%) increase in August after dropping (-8.3%) in July. On a year-over-year basis, new orders for manufactured durable goods grew (+4.2%). Ex-defense orders declined (-0.7%) month over month, while ex-transportation orders rose (+0.4%) month over month. Core capital goods orders, which exclude the volatile aircraft and defense orders increased by (+0.9%), this followed a revised (-0.4%) from a previously reported (+0.1%) reading for July. Core capital goods orders reported up (+2.1%) year over year. Core capital goods shipments reported up (+0.7%), after declining (-0.3%) in July and are up (+4.1%) year over year. Shipments of nondefense capital goods increase (+1.2%) after declining (-1.2%) in July and are up (+7.2%) year over year.

The Bureau of Economic Analysis’ Third estimate on second-quarter gross domestic product (GDP) growth reported an economy expanding at a seasonally adjusted annual growth rate of (+2.1%) unchanged from the second estimate, but slight above the (+2.0%) pace set in the first quarter. While consumer spending was revised down, it was partly offset by upward revisions to nonresidential fixed investment exports, and inventory investment. The report also revised GDP readings for every first quarter from 2020 to 2022; removing the residual seasonality component as it was not seen as a factor. Q1 of 2020 was revised to show the economy contracting at a (-5.3%) annualized rate, instead of the previously reported (-4.6%). The GDP for 2020 was revised (+0.6%) to show the economy contracting (-2.2%). Q1 of 2021 was revised to show the economy expanding at (+5.2%) instead of the previously reported (+6.3%). The GDP for 2021 was revised (-0.1%) to (+5.8%). Q1 of 2022 was revised to show the economy contracting at a (-2.0%) instead of the previously reported (-1.6%). The GDP for 2022 was revised (-0.2%) to to show the economy expanding (+1.9%).