by Calculated Risk on 9/29/2011 10:00:00 AM

• From the BLS: Current Employment Statistics Preliminary Benchmark Announcement

In accordance with usual practice, the Bureau of Labor Statistics (BLS) is announcing the preliminary estimate of the upcoming annual benchmark revision to the establishment survey employment series. The final benchmark revision will be issued on February 3, 2012, with the publication of the January 2012 Employment Situation news release.

Each year, the Current Employment Statistics (CES) survey employment estimates are benchmarked to comprehensive counts of employment for the month of March. These counts are derived from state unemployment insurance (UI) tax records that nearly all employers are required to file. ... The preliminary estimate of the benchmark revision indicates an upward adjustment to March 2011 total nonfarm employment of 192,000 (0.1 percent).

Usually the final benchmark revision is pretty close to the preliminary revision.

• The BEA reported that GDP increased at a 1.3% real annual rate in Q2 (third estimate), revised up from the previously reported 1.0% increase. It was still a weak quarter, but the internals were positive: the contributions from consumption and trade were revised up, and the contribution from "change in private inventories" was revised down.

• From the NAR: Pending Home Sales Decline in August

The Pending Home Sales Index,* a forward-looking indicator based on contract signings, declined 1.2 percent to 88.6 in August from 89.7 in July but is 7.7 percent above August 2010 when it stood at 82.3. The data reflects contracts but not closings.

• From Bloomberg: German Parliament Backs Euro Rescue Fund

The lower house of parliament passed the measure with 523 votes in favor and 85 against, granting the fund powers to buy bonds in secondary markets, enable bank recapitalizations and offer precautionary credit lines.

A key point: German Chancellor Merkel's ruling coalition party backed the bill.