The US housing market didn't too badly in July it seems. MarketWatch reports:
Sales of new homes increased 2.8% in July to a seasonally adjusted annual rate of 870,000 as the inventory of homes for sale dropped for a fourth straight month, the Commerce Department estimated Friday.
As if that was not positive enough, durable goods orders were also strong, according to another MarketWatch report.
Orders for U.S.-made durable goods jumped 5.9% in July on higher demand for airplanes, vehicles, computers, machinery, steel and most other kinds of long-lasting manufactured goods, the Commerce Department reported Friday.
No wonder US stocks saw solid gains yesterday. However, the economy could still deteriorate after the recent turmoil in credit markets.
Meanwhile, Bloomberg reports that growth in Europe's manufacturing and service industries slowed in August.
A preliminary estimate of Royal Bank of Scotland Group Plc's combined index, spanning industries from autos to banking and airlines in the 13-nation euro region, fell to 57.2 from 57.5 in July. A reading above 50 indicates expansion.
The drop, though, is small. We'll probably have to wait a while more to see the effects, if any, of the market turmoil on the economy.
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