More signs of US economic growth
US durable goods orders and new home sales both soared last month, the latest positive indications of the state of the world’s largest economy.
Orders for goods expected to last more than three years increased 4.9% in July, beating analyst expectations of a 3% gain, said the Commerce Department.
Durable goods orders were lifted by the popularity of the government’s “cash for clunkers” car scrappage scheme.
This helped US car orders rise 0.9%, recovering from June and May falls.
At the same time, the annual rate of sales of new US homes rose 9.6% last month, also ahead of market targets.
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