Economic indicators

The U.S. economy expanded in the second quarter at a slightly faster pace than previously estimated.

The revenue index dropped to 21.5, from 25.4, a three-year high.

Service sector “activity was robust in August,” according to the Federal Reserve Bank of Richmond service-sector activity survey.

Firms reported difficulty finding skilled workers, as manufacturing expansion continued.

The consumer confidence index increased to 133.4 in August from a revised 127.9 last month.

Home prices rose 6.2% on an annual basis in June, not seasonally adjusted, down from a 6.4% gain in May.

Texas factory activity growth, as measured by the production index, “maintained its strong momentum in August.”

The Chicago Fed National Activity Index for July declined to 0.13 from an upwardly revised 0.48 in June.

The value of U.S. durable goods new orders fell by 1.7% in July, a larger loss than the 1.3% fall expected.

Respondents to the Federal Reserve Bank of Kansas City's monthly manufacturing survey reported slightly weaker activity in August.

U.S. purchases of new homes unexpectedly dipped to the weakest pace in nine months.

Initial claims U.S. state unemployment benefits fell by 2,000 to 210,000 in the August 18 week, below the 215,000 level expected by analysts.

Existing home sales fell 0.7% to a seasonally adjusted 5.34 million-unit rate in July.

The region's services sector “continued to expand” but at a slightly slower pace in August.

As director of the Fed's Division of Research and Statistics, David Wilcox is responsible for briefing the Federal Open Market Committee on the outlook for the national economy.

The University of Michigan's preliminary August consumer sentiment index reading was 95.3.

The composite of the Leading Economic Index was up 0.6% in July following a 0.5% gain in June.

Initial jobless claims declined by 2,000 to 212,000 in the August 11 week, below the 214,000 level expected.

The pace of housing starts rose by 0.9% to a 1.168 million seasonally adjusted annual rate in July, below expectations for a 1.270 million rate.

Manufacturers report expanding at a slower rate in August.