The real gross domestic product increased at an annual rate of 2.8% in the second quarter of 2024, per the “advance” estimate released by the U.S. Bureau of Economic Analysis.
Tag: Economy
#MBASecondary22: N.Y. Fed’s Williams Targets a ‘Normal’ Economy
NEW YORK—Federal Reserve of New York President and CEO John Williams said amid rising inflation, market volatility and an uncertain situation in Ukraine, the Federal Reserve has one word in mind: “normal.”
Fed Sends ‘Loud and Clear’ Message on Low Rates
There were no real surprises coming out of yesterday’s Federal Open Market Committee meeting—there haven’t been for months, now—but according to Mortgage Bankers Association Chief Economist Mike Fratantoni, the message it sent was loud and clear.
MBA Chart of the Week: Home Sales and Purchase Applications
As the U.S. economy works its way through the current pandemic and recession, housing has been a clear bright spot in an otherwise dire time. This week’s chart highlights the “V” shaped recovery exhibited by various measures of housing health.
Fannie Mae: U.S. Economy Poised for ‘Substantial Rebound’
Fannie Mae, Washington, D.C., said in the wake of the U.S. economy’s historic second-quarter contraction—nearly 40 percent—the strong rate of economic recovery seen in May and June sets up the third quarter for a “substantial rebound.”
2nd Quarter GDP Takes One to the Chin
We were warned that second quarter gross domestic product data was going to be bad. Even so, the numbers that came out yesterday were off the charts–literally.
Fed: No Change in Policy Anytime Soon
The Federal Open Market Committee yesterday said ongoing concerns about the coronavirus and the resulting economic stall means it will hold fast on its current policies.
CRE Counselors: COVID-19, Economy Top Survey Concerns
The Counselors of Real Estate, Chicago, said the COVID-19 crisis will teach commercial real estate practitioners new lessons about priorities, resilience and demand.
An Upbeat Jobs Report, Followed by a ‘Misclassification Error’
At 8:30 a.m. on Friday, the Bureau of Labor Statistics issued a surprising May unemployment report: instead of the 8 million job losses expected by economists’ consensus, the report showed a dramatic 2.5 million increase in jobs, and a 1.4 percent dip in the unemployment rate, from 14.7 percent in April to 13.3 percent. But there was a catch–a huge catch.
(#MBA Live) Housing, Mortgage Markets Show Resiliency, Agility
With all that has hit the mortgage industry over the past several months, Mortgage Bankers Association Chief Economist Mike Fratantoni has a positive message for mortgage lenders and servicers: “It seems like the industry has done a fantastic job of finding solutions in this crazy environment,” Fratantoni said yesterday during MBA Live: Technology Solutions Conference.