Free Markets, Free People

Economic Statistics for 30 Jul 14

The Commerce Department’s initial GDP estimate for 2Q 2014 came in at a 4.0% annualized rate of growth. The GDP price index rose at an annualized 2.0%. The Commerce Department says the high growth in the quarter is a rebound from the weather-related GDP declines in 1Q.

The Federal Open Markets Committee met today, and left interest rates unchanged, with a Fed Funds target rate of 0.0%-0.25%.

ADP’s estimate for private payroll growth in July is 218,000 jobs. Econoday’s analyst consensus is a bit higher at 235,000.

The MBA reports that mortgage applications fell -2.2% last week. Purchases rose 0.2% but re-fis fell -4.0%.

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