Real GDP growth for the third quarter was revised up significantly, the Bureau of Economic Analysis reported Thursday, reaching a 2.7 percent annualized growth. Economists had forecast a 2.8 percent growth rate. The report on GDP was the second of three monthly reports and billed as the ""second estimate."" The report on profits was the first of two and labeled ""preliminary."" Final reports on both will be released December 20.

First time claims for unemployment insurance fell 23,000 to 393,000 for the week ended November 224, the Labor Department reported Thursday. The previous week’s report was revised upward to 416,000 from the originally reported 410,000. Continuing claims--reported on a one-week lag--fell 70,000 to 3,287,000.

The Federal Reserve painted a picture of a split economy with concerns about the ""fiscal cliff"" in its periodic Beige Book released Wednesday. The economy, according to the Beige Book, expanded ""at a measured pace"" in seven of the 12 federal reserve districts--Cleveland, Richmond, Atlanta, Chicago, Kansas City, Dallas, and San Francisco. According to the Beige Book, business leaders and others ""expressed concern and uncertainty about the federal budget, especially the fiscal cliff.""

New home sales barely budged in October, dropping 0.37 percent to 368,000 after September’s report was revised sharply downward from an original 389,000 to 369,000, Census Bureau and HUD reported Wednesday. Economists surveyed by Bloomberg expected the report to show a sales pace of 387,000.

Despite another month of home price improvements, the housing sector stumbled in September as prices fell in five of the 20 cities covered in the monthly Standard & Poor's/Case-Shiller Home Price Index. The 10-city index increased 0.3 percent from August to 158.93, its highest level since September 2010. Meanwhile, the 20-city index rose by the same 0.3 percent to 146.22, also the highest in two years. The national index improved 2.2 percent in the third quarter to 135.67, its highest level since Q3 2010.

First-time claims for unemployment insurance fell 41,000 to 410,000 for the week ending November 17, the Labor Department reported Wednesday. Economists expected 415,000 initial claims filings. The previous week's report was revised upward to 451,000 from the originally reported 439,000. In addition to the direct impact on businesses, Hurricane Sandy, which ripped through the East Coast on October 29, forced the closing of government offices that process claims filed by telephone or online.

Housing starts rose 3.6 percent in October to a seasonally adjusted annual rate of 894,000, the highest level since July 2008, but permits for new residential construction fell the Census Bureau and HUD reported jointly Tuesday. Housing completions soared in October, up 14.5 percent during the month to 772,000, the highest level since June 2010. The increase in completions was led by a 5.3 percent jump in multifamily completions. Single-family completions in October reached their highest level since June 2010, increasing to 542,000.

Builder confidence continued its march to break-even with the Housing Market Index (HMI) climbing five points in November to 46, its highest level since May 2006, the National Association of Home Builders (NAHB) reported Monday. The HMI survey was conducted in the two weeks immediately following Hurricane Sandy and therefore reflects builder sentiment during that period. The November boost was due primarily to a surge in current sale activity.

Weathering Hurricane Sandy, sales of existing-homes increased in October, the National Association of Realtors (NAR) reported Monday. Total existing-home sales rose 2.1 percent to a seasonally adjusted annual rate of 4.79 million in October from a downwardly revised 4.69 million in September. September sales were originally reported at 4.75 million. October home sale are up 10.9 percent over October 2011. The median price of an existing single family home was $178,600 in October, up from a downwardly revised $178,300 in September (originally $183,900) and 11.1 percent ahead of the median price in October 2011, $160,300.

Two weeks after tearing up the East Coast, Hurricane Sandy rocked first-time claims for unemployment insurance. In the first full week after the storm, initial claims shot up 78,000 to 439,000, the highest level since April 2011 for the week ended November 10, the Labor Department reported Thursday. Economists expected 376,000 initial claims filings.