Sales of new U.S. homes increased 7.9 percent to a 421,000 annualized pace in August, figures from the Commerce Department showed last month. In July, the rate was 390,000. The two-month period was the weakest so far this year. Borrowing costs at near-record lows have helped stoke demand for homes and boot the U.S. economy. U.S. mortgage rates fell to a four-month low after a weaker-than-expected jobs report drove investors to the safety of the government bonds that guide borrowing costs. U.S. manufacturing output fell for the first time in four years and the number of new claims for unemployment benefits fell less than expected last week. A separate report showed that the U.S. trade deficit widened 0.4% to a seasonally adjusted USD38.8 billion in August from a deficit of USD38.6 billion in July. Economists had forecast a deficit of USD39.5 billion.
Posted on: Fri, 25 Oct 2013 11:13:22 +0000
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