Daily Economy

The initial estimate for second-quarter real gross domestic product shows the economy expanded at a 2.6 percent annualized rate, up from a revised 1.2 percent pace in the first quarter. The 2.6 percent growth rate is solidly above the 2.1 percent average annualized pace since 2009. Price measures included in the report show price increases…

New orders for nondefense aircraft and parts surged 131.2 percent in June to $25.3 billion, the third-highest on record. The backlog of unfilled orders rose $13.3 billion to $585.6 billion, just 4.3 percent below its all-time record reached in 2014. The surge in aircraft orders helped push total manufacturers’ new orders up 6.5 percent in…

Consumer confidence as gauged by The Conference Board’s consumer-confidence survey improved in July, rising to 121.1 from 117.3 in June. The result differs from the slightly lower consumer-sentiment data from the University of Michigan released last week. The two surveys show similar results for consumers’ attitudes about current conditions. The Conference Board survey’s Present Situation…

The latest data on new filings for unemployment insurance suggest the labor market remains tight. Data from the Employment and Training Administration within the Department of Labor show initial claims for new unemployment insurance fell to 233,000 for the week of July 15. The weekly result is down from a revised 248,000 in the prior…

New-housing-unit starts rose 8.3 percent in June to 1.22 million, led by a 15.4 percent jump in structures with five or more units. Single-family starts rose by a more modest 6.3 percent in the month. Despite the increase, starts remain about 9 percent below the recovery peak of 1.33 million hit in October 2016. Average…