Another rush of positive economic data

Wednesday's economic reports support the view of an ongoing global economic recovery.

Bloomberg reports the latest data from the US.

Purchases of new homes in the U.S. jumped more than forecast and demand for long-lasting goods such as autos and computers climbed, reinforcing signs the economy is rebounding from the worst recession since the 1930s.

Home sales increased 9.6 percent in July, the most in four years, to a 433,000 annual pace, figures from the Commerce Department showed today in Washington. Another report from the department indicated bookings for durable goods climbed 4.9 percent, also exceeding forecasts and the most since July 2007.

The economic picture is also brightening in Germany. From Bloomberg:

German business confidence rose for a fifth month in August, suggesting Europe’s largest economy will gather strength after shaking off its worst recession since World War II.

The Ifo institute in Munich said its business climate index, based on a survey of 7,000 executives, increased to 90.5 from 87.4 in July. That was the highest since September last year. Economists expected a gain to 89, the median of 41 forecasts in a Bloomberg News survey showed. The index reached a 26-year low of 82.2 in March.

Among the major economies, Japan provided the exception to the generally positive economic picture. Again from Bloomberg:

Japan’s exports fell for a tenth straight month in July as demand from all of the nation’s major markets deteriorated.

Shipments abroad tumbled 36.5 percent from a year earlier, steeper than June’s 35.7 percent drop, the Finance Ministry said today in Tokyo. The median estimate of 23 economists surveyed by Bloomberg News was for a 38.4 percent decrease.

But even this news isn't that bad.

By volume, exports rose 2.4 percent in July from June, a fifth monthly increase, the Bank of Japan said today. The data correlate closely with the export component of GDP, according to London-based Capital Economics Ltd.

Other, smaller economies provided clearer evidence that Asia's economy is recovering, with Malaysia posting a smaller 3.9 percent year-on-year GDP contraction in the second quarter and Singapore's manufacturing output soaring 12.4 percent in July.