Weekly Economic Update: April 1, 2024

Last Week’s Economic News

• Personal income rose, and disposable personal income also advanced in February, according to the latest data from the Bureau of Economic Analysis. Over the last 12 months, prices increased 2.5%.

• Gross domestic product rose at an annual rate of 3.4% in the fourth quarter, according to the third and final estimate released by the Bureau of Economic Analysis.

• The advance report on international trade in goods showed the deficit rose 1.5% in February. Exports increased 2.8%, while imports rose 2.3%. Since February 2023, exports are up 3.6% and imports climbed 2.8%.

• Sales of new single-family homes dipped slightly in February but were 5.9% above the February 2023 estimate. The median sales price in February was $400,500, while the average sales price was $485,000. February inventory of new single-family homes for sale sat at a supply of 8.4 months at the current sales pace.

• New orders for manufactured durable goods in February rose 1.4%, marking the first monthly increase since November 2023.

• The national average retail price for regular gasoline was $3.523 per gallon on March 25, greater than the prior week’s price and more than a year ago.

• For the week ended March 23, there were 210,000 new claims for unemployment insurance, a decrease of 2,000 from the previous week’s level.

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