New-home Sales Experience Surprising July Gains
The Commerce Department reported Friday that new-home sales rose 2.8 percent in July, after falling 4 percent in June, raising hopes that the economy can safely weather financial turmoil that has shaken Wall Street.
The increase in July lifted sales to a seasonally adjusted annual rate of 870,000 units. A second report showed that orders to factories for big-ticket goods jumped 5.9 percent in July, the most in 10 months. Both reports were better than analysts expected. They were forecasting home sales to fall and were calling for a much smaller, 1 percent gain in factory orders.
Friday’s reports offered a spot of relief amid recent turbulence on Wall Street, which has darkened investors’ feelings about the nation’s financial prospects.Fears that the worsening housing slump and credit crunch could hurt the economy have gripped Wall Street investors in recent weeks, causing stocks to swing wildly.
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