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Durable goods, new house sales rise
Written by By Associated Press   
Wednesday, 26 August 2009 11:42

WASHINGTON (AP) — Orders for durable goods rose last month by the largest amount in two years, as the manufacturing sector rebounded from the depths of the recession.

The Commerce Department said Wednesday that orders for goods expected to last at least three years increased 4.9 percent in July, the third rise in the past four months. Analysts expected a 3 percent increase. Orders for June were revised up to a 1.3 percent drop, from a 2.2 percent decline.

More good news came on the housing front. New U.S. home sales jumped 9.6 percent in July, a fourth straight monthly gain that beat analysts' expectations.

The Commerce Department said home sales rose to a seasonally adjusted annual rate of 433,000 from an upwardly revised June rate of 395,000. But the median sales price of $210,100, was down 11.5 percent from $237,300 a year earlier.

The better-than-expected durable goods and housing data followed positive readings Tuesday about consumer sentiment and home prices. But analysts remain concerned that all-important consumer spending will stay muted as Americans try to rebuild savings decimated by falling home prices and reduced stock portfolios.

 

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