WASHINGTON — 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. house sales jumped 9.6 percent in July, a fourth straight monthly gain that beat analysts' expectations.
The Commerce Department said house 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 house prices.
Read tomorrow's Arkansas Democrat-Gazette for full details.
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