Retail sales surge 0.7% in March as Americans seem unfazed by higher prices with jobs plentiful
Americans increased their spending pace in March at a better-than-expected pace from the previous month, underscoring how shoppers remain resilient despite inflationary pressures and other economic challenges.
US economy grew solid 3.2% in fourth quarter, a slight downgrade from government's initial estimate
The U.S. economy grew at a robust 3.2% annual pace from October through December, propelled by healthy consumer spending, the Commerce Department reported Wednesday in a slight downgrade from its initial estimate.
Inflation slowed further in December as an economic 'soft landing' moves into sharper focus
The Federal Reserveโs preferred inflation gauge cooled further even as the economy kept growing briskly, a trend sure to be welcomed at the White House as President Joe Biden seeks re-election in a race that could pivot on his economic stewardship.
US economic growth accelerated to strong 4.9% rate last quarter as consumers shrugged off Fed hikes
The nationโs economy expanded at a robust 4.9% annual rate from July through September as Americans defied higher prices, rising interest rates and widespread forecasts of a recession to spend at a brisk pace.
US government estimates economy grew last quarter at a 2.1% rate, unchanged from previous projection
The U.S. economy grew at a 2.1% annual pace from April through June, extending its sturdy performance in the face of higher interest rates, the government said Thursday, leaving its previous estimate unchanged.
Fed's preferred inflation gauge shows a modest rise in latest sign of slowing price increases
An inflation gauge closely tracked by the Federal Reserve remained low last month, adding to signs of cooling price increases and raising the likelihood that the Fed will leave interest rates unchanged when it next meets in late September.
US economic growth for last quarter is revised down to a 2.1% annual rate
The U.S. economy expanded at a 2.1% annual pace from April through June, showing continued resilience in the face of higher borrowing costs for consumers and businesses, the government said in a downgrade from its initial estimate.
US economy unexpectedly accelerated to a 2.4% growth rate in April-June quarter despite Fed hikes
The U.S. economy surprisingly accelerated to a 2.4% annual growth rate from April through June, showing continued resilience in the face of steadily higher interest rates resulting from the Federal Reserveโs 16-month-long fight to bring down inflation.
US economic growth for last quarter is revised up to a still-tepid 1.3% annual rate
The U.S. economy grew at a lackluster 1.3% annual rate from January through March as businesses wary of an economic slowdown trimmed their inventories, the government said Thursday, a slight upgrade from its initial estimate.
Key US inflation measure surges at fastest rate since June
The Federal Reserveโs preferred inflation gauge rose last month at its fastest pace since June, an alarming sign that price pressures remain entrenched in the U.S. economy and could lead the Fed to keep raising interest rates well into this year.
US economy grew 3.2% in Q3, an upgrade from earlier estimate
Shrugging off rampant inflation and rising interest rates, the U.S. economy grew at an unexpectedly strong 3.2% annual pace from July through September, the government reported Thursday in a healthy upgrade from its earlier estimate of third-quarter growth.
US economy slipped 1.6% to start year; return to growth eyed
The U.S. economy shrank at a 1.6% annual pace in the first three months of the year even though consumers and businesses kept spending at a healthy pace, the government reported Wednesday in a slight downgrade from its previous estimate for January-March quarter.
Raimondo: Inquiry on solar imports follows the law
Commerce Secretary Gina Raimondo pushed back forcefully Wednesday against critics โ including some within the Biden administration โ who say a government investigation of solar imports from Southeast Asia is hindering President Joe Bidenโs ambitious climate goals.
Government revises 4th quarter GDP up slightly to 4.3%
GDP in the October-December quarter rose from an estimated rate last month of 4.1%, the Commerce Department reported Thursday. AdEconomists believe all the government relief measures will boost GDP in the current January-March quarter to 5% or higher. Boussour forecast GDP growth for the full year of 7% with annualized growth rates close to 10% in the spring and summer. GDP fell at an annual rate of 5% in the first quarter of 2020, as the COVID-19 pandemic ended the country's record-long economic expansion, which was in its 11th year. GDP plunged by a record 31.4% rate in the April-June quarter and then rebounded by a record rate of 33.4% in the third quarter before slowing to the 4.3% gain in the fourth quarter.
US trade deficit up 1.9% in January on record goods imports
The Commerce Department said Thursday, Jan. 7, 2021, the U.S. trade deficit jumped to $68.1 billion in November as a surge in imports overwhelmed a smaller increase in exports. โ The level of imported goods to the U.S. in January reached unprecedented levels and pushed the trade deficit 1.9% higher as the coronavirus pandemic continues to distort global commerce. Exports rose 1% to $191.9 billion, while imports increased 1.2% to $260.2 billion. The trade deficit with Mexico rose $1.6 billion to $11.9 billion in January. Year-over-year, the goods and services deficit climbed to $23.8 billion, or 53.7%, from January 2020.
US spending on construction projects rises 1.7% in January
Spending on U.S. construction projects increased 0.9% in November as strength in home building offset weakness in other parts of the construction industry. โ Spending on U.S. construction projects rose 1.7% in January as new home building continues to lift the sector. Spending on residential construction rose 2.5% in January, with single family home projects up 3%, the Commerce Department reported Monday. Last week, the Commerce Department reported that sales of new homes jumped 4.3% in January, and are 19.3% higher than they were last year at this time. Spending on government projects, which has been constrained by tight state and local budgets in the wake of the pandemic, rose 1.7%.
Red-hot US housing market: January new home sales jump 4.3%
Sales of new homes fell by 3.5% in September to a seasonally-adjusted annual rate of 959,000 million units. The Commerce Department said Monday, Oct. 26, 2020, that despite the modest decrease, sales of new homes are up 32.1% from a year earlier, as the housing market remains strong despite the pandemic. โ Demand for new homes in the U.S. surged 4.3% in January with the housing market still one of the strongest segments of the economy. Last month's increase pushed sales of new homes to an adjusted annual rate of 923,000, the Commerce Department reported Wednesday. The housing market has remained remarkably resilient in the face of the economic fallout of the coronavirus pandemic.
January home construction falls 6%; signs of rebound ahead
A sign sits in front of a KB Home construction site, Tuesday, Feb. 2, 2021, in Simi Valley, Calif. U.S. home construction fell 6% in January but applications for building permits rose sharply. (AP Photo/Mark J. Terrill)WASHINGTON โ U.S. home construction fell 6% in January but applications for building permits, which typically signal activity ahead, rose sharply. Single-family construction starts dropped 12.2% while construction of apartment units rose 16.2%. And strong sales this year would only extend a banner 2020 when home construction jumped 7% to 1.38 million units. The only region of the country that saw an increase last month was the Northeast, where construction rose by 2.3%.
Asian shares mostly lower after mixed day on Wall Street
Shares were mostly lower in Asia on Thursday after a mixed session on Wall Street as losses by technology and industrial companies offset other gains. (AP Photo/Lee Jin-man)TOKYO โ Shares were mostly lower in Asia on Thursday after a mixed session on Wall Street as losses by technology and industrial companies offset other gains. Underscoring signs of recovery, the Commerce Department said U.S. retail sales soared a seasonally adjusted 5.3% in January from the month before, the biggest increase since June and much larger than forecast. The yield on the 10-year Treasury slipped to 1.27% from 1.28% late Wednesday, near its highest level in a year. Last monthโs jump in retail sales was largely driven by the $600 stimulus checks that went out to most Americans in late December and early January.
U.S. trade deficit rises to 12-year high $679 billion
The Commerce Department said Thursday, Jan. 7, 2021, the U.S. trade deficit jumped to $68.1 billion in November as a surge in imports overwhelmed a smaller increase in exports. (AP Photo/Ted S. Warren, File)WASHINGTON โ The U.S. trade deficit rose 17.7% last year to $679 billion, highest since 2008, as the coronavirus disrupted global commerce and confounded President Donald Trump's attempts to rebalance America's trade with the rest of the world. Services exports dropped 20.4% last year. But that was overwhelmed by a $916 billion deficit in trade in goods such as aircraft and auto parts. In the December, the trade deficit dropped to $66.6 billion, down 3.5% from November.
New home sales rise in December after sharp November drop
โ Sales of new homes rose 1.6% in December after a big decline in November that was even worse than previously thought. The increase last month pushed sales of new homes to a seasonally adjusted annual rate of 842,000, the Commerce Department reported Thursday, though that was fewer than analysts had projected. And the big drop reported earlier for November's was revised downward further, from 841,000 to 829,000 new homes sold. Regionally sales were uneven in December, with the biggest movement in the Midwest where sales jumped more than 30%. Sales in the Northeast and South fell between 5% and 6%, while the West saw sales increase almost 9%.
US home construction jumps 5.8% in December to 1.67 million
The number of newly issued permits to build fresh housing rose 6.2% in November on a seasonally adjusted basis. (AP Photo/David J. Phillip, File)WASHINGTON โ U.S. home construction jumped 5.8% in December to 1.67 million units, a 14-year high that topped the strongest annual showing from the country's builders in 15 years. For the year, construction began on 1.45 million units, up 4.8% from 2019 and the best pace since construction starts totaled 1.8 million units in 2006. For December, construction of single-family homes increased by 7.8% to 1.23 million units. Construction rose 13.6% in the Midwest, 11.2% in the West and 1.3% in the South.
Data snags cause Trump to miss giving Congress census data
(AP Photo/John Raoux)The Trump administration missed a deadline for giving Congress numbers used for dividing up congressional seats among the states, as the U.S. Census Bureau works toward fixing data irregularities found during the numbers-crunching phase of the 2020 census. President Donald Trump on Sunday let slip the target date for transmitting the apportionment numbers to Congress. โThe Census Bureau is committed to fixing all anomalies and errors that it finds in order to produce complete and accurate results," said Deborah Stempowski, an assistant director at the Census Bureau, in a court filing last week. The earliest date the apportionment numbers will be ready is March 6, as the Census Bureau fixes anomalies discovered during data processing, Department of Justice attorneys said Monday during a court hearing. Gina Raimondo will be his nominee for Commerce Secretary, which would make her responsible for the final 2020 census numbers instead of current Commerce Secretary Wilbur Ross, if census data processing continues past Jan. 20.
US trade deficit jumps to $68.1 billion in November
The Commerce Department said Thursday, Jan. 7, 2021, the U.S. trade deficit jumped to $68.1 billion in November as a surge in imports overwhelmed a smaller increase in exports. (AP Photo/Ted S. Warren, File)WASHINGTON โ The U.S. trade deficit jumped to $68.1 billion in November, the highest monthly deficit in 14 years, as a surge in imports overwhelmed a smaller increase in exports. The politically sensitive deficit with China rose 1.9% to $30.7 billion in November and totaled $283.6 billion for the first 11 months of 2020. The monthly deficit in goods and services of $68.1 billion was the largest imbalance since August 2006. Michael Pearce, senior U.S. economist at Capital Economics, said that the rising trade deficit would act as a drag on economic growth in the fourth quarter.
Attorney: Congressional seat data not ready until February
The U.S. Census Bureau has found new irregularities in the head count data that determines congressional seat allocations and the distribution of $1.5 trillion in federal spending each year, John Coghlan, a deputy assistant Attorney General, said during a court hearing. Under federal law, the Census Bureau is required to turn in the numbers used for allocating congressional seats by Dec. 31, but the bureau announced last week that the numbers wouldnโt be ready. At the time, the Census Bureau said it would finish the apportionment numbers in early 2021, as close to the end-of-year deadline as possible. The new irregularities discovered by the Census Bureau should come as no surprise, said Rob Santos, president of the American Statistical Association, in an email Monday night. Meanwhile, attorneys for the coalition said they plan to seek court sanctions against Trump administration attorneys for refusing to turn over data and documents they are seeking.
Census Bureau to miss deadline, jeopardizing Trump plan
โThe delay suggests that the census bureau needs more time to ensure the accuracy of census numbers for all states,โ said Terri Ann Lowenthal, a former congressional staffer who specializes in census issues. The Commerce Department oversees the Census Bureau, which conducts the once-a-decade head count of every U.S. resident. They like to maintain the schedule, but that canโt be a priority for them," said Kenneth Prewitt, a former Census Bureau director during President Bill Clinton's administration. The Office of Inspector General said the Census Bureau failed to complete 355,000 re-interviews of households to verify their information was accurate. Former Census Bureau director John Thompson said the quality of the data is โthe overarching issueโ facing the Census Bureau.
Consumer spending drops 0.4%, first decline since April
U.S. consumer spending slowed in August and personal income fell as a $600 weekly benefit for Americans who are unemployed during the pandemic expired. The Commerce Department reported Thursday, Oct. 1 that spending grew by just 1%, the weakest growth since spending fell 12.7% in April when rapidly spreading COVID-19 infections shut down large parts of the economy. (AP Photo/Mark Lennihan)WASHINGTON โ U.S. consumer spending fell 0.4% in November, the first decline since April, as Americans confronted a newly resurgent virus. The last decline was 12.7% fall in April during the lockdown. Personal incomes fell 1.1% in November, the third drop in the past four months as various government relief programs have been expiring.
GM recalls 840K vehicles for seat belt, suspension problems
(AP Photo/Charles Krupa)DETROIT โ General Motors is recalling nearly 840,000 vehicles in the U.S. for suspension problems or because the front seat belts can fail. The seat belt recall covers 624,000 2019 through 2021 Chevrolet Silverado 1500 and GMC Sierra 1500 pickup trucks. Also included are the 2021 Chevrolet Suburban and Tahoe and GMC Yukon XL, and the 2020 and 2021 Silverado 2500 and 3500 and GMC Sierra 2500 and 3500. GM says in government documents that the seat belt brackets may not have been secured to the seat frame. GM will notify owners starting Feb. 1 and dealers will inspect the seat belt brackets and assemble them correctly.
Q3 GDP estimate gets a slight upgrade to 33.4% growth
The U.S. economy expanded at a 33.4% annual pace from July through September, the Commerce Department said Tuesday, Dec. 22, 2020 delivering the last of three estimates on the economys third-quarter performance. (AP Photo/Steven Senne, file)WASHINGTON โ The U.S. economy expanded at a record 33.4% annual pace from July through September, the Commerce Department said Tuesday, delivering the last of three estimates on the economyโs third-quarter performance. But it's likely that a resurgence in coronavirus cases slowed growth sharply during the last three months of 2020. Employers slashed 22 million jobs in March and April, then began to steadily recall furloughed workers. But the United States is still 9.8 million short of the jobs it had February, and hiring has slowed every month since June.
Asian stocks gain after Trump criticizes economic aid bill
Asian stock markets rose Wednesday after President Donald Trump suggested he may veto a $900 billion economic aid package. (AP Photo/Lee Jin-man)Asian stock markets rose Wednesday after President Donald Trump suggested he may veto a $900 billion economic aid package. Overnight, Wall Streetโs benchmark S&P 500 index lost 0.2% after Trump criticized the aid plan approved by Congress. The Shanghai Composite Index rose 0.8% to 3,382.08 and the Nikkei 225 in Tokyo added 0.1% to 26,470.94. Tech companies rose.
Building permits rise 6.2% in November, despite pandemic
FILE - This Sept. 24, 2020 file photo shows a new home under construction in Houston. The number of newly issued permits to build fresh housing rose 6.2% in November on a seasonally adjusted basis. Housing starts rose 1.2%, and are up 12.8% higher than a year ago, the Commerce Department reported Thursday, Dec. 17, to an annualized rate of 1.547 million. (AP Photo/David J. Phillip, File)(Copyright 2020 The Associated Press. All rights reserved.)
House committee issues subpoena for Census documents
The congressional committee that oversees the Census Bureau issued a subpoena Thursday to U.S. Commerce Secretary Wilbur Ross, seeking documents related to data irregularities that threaten to upend a yearend deadline for submitting numbers used for divvying up congressional seats. The anomalies will likely force a delay of several weeks past a Dec. 31 deadline for the Census Bureau to turn in the congressional apportionment numbers. In a letter last week, Maloney wrote that the Commerce Department โ which oversees the Census Bureau โ missed a Nov. 24 deadline to give the documents to the committee. The Census Bureau said last week that the data irregularities affect only a tiny percentage of the records and are being resolved as quickly as possible. The House committee has obtained three new internal agency documents showing the Census Bureau plans to deliver the apportionment numbers to the president no earlier than Jan. 23, which would be shortly after Trump leaves office and President-elect Joe Biden takes over.
Another judge blocks Trump's TikTok ban; app still in limbo
WASHINGTON โ A federal judge has blocked President Donald Trump's attempts to ban TikTok, the latest legal defeat for the administration as it tries to wrest the popular app from its Chinese owners. The Trump administration had tried to ban the short-form video app from smartphone app stores in the U.S. and cut it off from vital technical services. Nichols is the second federal judge to fully block the Trump administration's economic sanctions against the app as the court cases proceed. The Trump administration has alleged that TikTok is a security threat because the Chinese government could spy on app usersโ personal data. TikTok has denied itโs a security threat but said itโs still trying to work with the administration to resolve its concerns.
House committee chair presses Census on delays to count
Maloney wrote that the Commerce Department โ which oversees the Census Bureau โ missed a Nov. 24 deadline to give the documents to the committee. Maloney threatened a subpoena if โa full and unredacted setโ of the requested documents are not given to the committee by Dec. 9. Because of the coronavirus pandemic, the Census Bureau switched its deadline for wrapping up the once-a-decade head count of every U.S. resident from the end of July to the end of October. The Census Bureau already was facing a shortened schedule of two and a half months for processing the data collected during the 2020 census โ about half the time originally planned. The bureau has not officially said what the anomalies were or publicly stated if there would be a new deadline for the apportionment numbers.
US construction spending jumps 1.3% in October
โ U.S. construction spending jumped 1.3% in October, again on the strength of single-family home building. Single-family home construction rose 5.6% in October, helping to boost a 2.9% increase in total private residential construction for the month. Nonresidential private construction fell 0.7%, with the category that includes hotels and other lodging falling 3.1%. Spending on government construction projects increased 1% after generally lagging for months, possibly due to budget restraints by state and local governments as the pandemic wiped out large amounts of tax revenue. During the first ten months of 2020, construction spending is up 4.3% over the same period last year.
Anomalies found in data put census deadline in jeopardy
The Census Bureau already was facing a shortened schedule of two and a half months for processing the data collected during the 2020 census โ about half the time originally planned. The Census Bureau would not say Thursday what the anomalies were or publicly state if there would be a new deadline for the apportionment numbers. โThese types of processing anomalies have occurred in past censuses," Census Bureau director Steven Dillingham said in a statement. โI am directing the Census Bureau to utilize all resources available to resolve this as expeditiously as possible. โThe notion that the 2020 Census data could be processed in half the time scheduled given all the obstacles & challenges that Census Bureau encountered defies logic."
Home construction up 4.9% in October to 1.53 million
CHARLOTTE, N.C. โ Home construction rose 4.9% in October as home building remains as one of the bright spots of the economy. The increase pushed home construction to a seasonally adjusted annual rate of 1.53 million homes and apartments and followed a more modest gain of 1.9% in September. Building permits, a good barometer of future activity, remained at a seasonally adjusted rate of 1.55 million annualized units, effectively unchanged from September. โStrong demand, low inventory, and record levels of homebuilder confidence continue to support new home construction,โ wrote Nancy Vanden Houten, an economist with Oxford Economics. Several reports over the last two months have shown the housing market cooling off after a tremendous summer, but that is not surprising.
US trade deficit falls to $63.9 billion in September
โ The U.S. trade deficit fell in September after hitting a 14-year high the previous month as exports outpaced imports. The gap between what the U.S. sells and what it buys abroad fell to $63.9 billion in September, a decline of 4.7%, from a $67 billion deficit in August, the Commerce Department reported Wednesday. Year to date, the goods and services deficit has jumped $38.5 billion, or 8.6%, to $485.6 billion. The total deficit for goods and services for the same period in 2019 was $447.1 billion. The politically sensitive deficit in the trade of goods with China fell about 8% in September to $24.3 billion from $26.4 billion in August.
Judge postpones Trump's TikTok ban in suit brought by users
A federal judge has postponed President Donald Trump's threatened shutdown of the popular short-form video app TikTok, siding with a Pennsylvania comedian and two other TikTok creators who say Trump's order hampers their free speech. The Trump administration has said TikTok is a security threat, citing its Chinese owner, ByteDance, and the possibility that the Chinese government could spy on users. Trump's executive order was set to take effect Nov. 12, but is now on hold as the lawsuit proceeds. This is not the first court challenge to Trump's attempted crackdown on TikTok. Another federal judge in September postponed a Trump administration order that would have banned TikTok from smartphone app stores.
Pending home sales cool in September, down 2.2%
CHARLOTTE, N.C. โ The pending sales of existing homes fell 2.2% in September, the National Association of Realtors said Thursday, the first monthly contraction of that figure in four months. The report is the latest indicator that showed the housing market cooled in September after being strong throughout the summer. Sales of existing homes fell in September as well, NAR reported earlier this month, and the Commerce Department said sales of newly constructed homes fell in September, too. Despite the modest decline, contract signings are still up 20.5% from a year earlier, the industry trade group said. Three out of the four regions tracked by NAR saw monthly declines.
Sept. new home sales fall 3.5%, after strong summer season
Sales of new homes fell by 3.5% in September to a seasonally-adjusted annual rate of 959,000 million units. The Commerce Department said Monday that despite the modest decrease, sales of new homes are up 32.1% from a year earlier. The housing market, like most of the economy, came to a near standstill in March and in April, causing the typical spring summer buying season to be delayed until the summer. New home sales for August were revised downward to 994,000 from a previously reported 1.01 million units. The median price of a new home sold was $326,800, according to the Commerce Department.
Census says deadline can be reached with tech, nonstop work
The Census Bureau originally planned to have five months for processing the apportionment data under a plan that was developed in response to the pandemic. But the Commerce Department, which oversees the Census Bureau, decided to end the count early so that data processing would be finished by Dec. 31. Civil rights groups and local governments are still holding out hope that the deadline for the apportionment numbers gets extended, either through ongoing lawsuits or by Congress. To meet the Dec. 31 deadline, the Census Bureau will process the apportionment numbers first and worry about numbers used for drawing legislative districts until after the new year. Census Bureau employees will work 24 hours a day, 7 days a week, and the bureau is using computers that work faster than a decade ago, Fontenot said.
US trade deficit up to $67.1 billion in August, 14-year high
WASHINGTON โ The U.S. trade deficit rose in August to the highest level in 14 years. The politically sensitive deficit in the trade of goods with China fell 6.7% to $26.4 billion. So far this year, the United States has recorded a trade gap of $421.8 billion, up 5.7% from January-August 2019. Exports rose 2.2% to $171.9 billion, but imports rose more โ up 3.2% to $239 billion. But the trade deficit won't yield easily to changes in trade policy.
August construction spending up 1.4%, led by home building
WASHINGTON โ U.S. construction spending increased 1.4% in August, led by a surge in single-family homes. In an additional sign of strength, the government revised higher its earlier estimates for spending in July and June. Spending on residential construction rose 3.7% ,with a 5.5% rise in spending on single-family homes offsetting a 0.1% dip in apartment construction, a smaller an more volatile sector. Spending on nonresidential construction fell by 0.3% with hotels, office building and shopping centers all suffering declines. Total government construction rose a slight 0.1% with spending on highway projects up 1.9%.
September growth for US manufacturing, fifth straight month
โ U.S manufacturing grew at a slightly slower pace last month, continuing to rebound from spring's coronavirus recession. Anything above 50 signals growth, and U.S. manufacturing has expanded now for five consecutive months. The ISM reported that new orders and production grew in September, though at a slower pace. Among the six biggest manufacturing industries, food, beverage and tobacco continued to be the best-performing sector. ISM said 14 of the 18 manufacturing industries reported growth in September.
Consumer spending gains slow to 1% in August
WASHINGTON โ U.S. consumer spending slowed in August and personal income fell as a $600 weekly benefit for Americans who are unemployed during the pandemic expired. The Commerce Department reported Thursday that spending grew by just 1%, the weakest growth since spending fell 12.7% in April when rapidly spreading COVID-19 infections shut down large parts of the economy. Inflation, as measured by a gauge tied to consumer spending, rose 0.3% in August and is up 1.4% over the past 12 months. The 1% rise in consumer spending was driven by a 1.4% gain in spending on services with big gains coming for spending on food services and hotel and motel accommodations, two areas that were hit hard during the lockdowns. Spending on goods durable goods such as autos was up 0.9% in August while spending on nondurable goods such as food and clothing fell 0.1%.
31.4% spring slide for a US economy likely to shrink in 2020
WASHINGTON โ The U.S. economy plunged at an unprecedented rate this spring and even with a record rebound expected in the just-ended third quarter, the U.S. economy will likely shrink this year, the first time that has happened since the Great Recession. Economists believe the economy will expand at an annual rate of 30% in the current quarter as businesses have re-opened and millions of people have gone back to work. The government will not release its July-September GDP report until Oct. 29, just five days before the presidential election. That drop was followed by the second quarter decline of 31.4%, which was initially estimated two months ago as a drop of 32.9%, and then revised to a decline of 31.7% last month. It was still a record fall at a rate of 33.2%, but last month projections were for a decline of 34.1%.