US new home sales, business activity at 13-month highs

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ReutersLast Updated: May 25, 2023, 12:09 AM IST

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New home sales rose 4.1% to a seasonally adjusted annual rate of 683,000 units last month, the highest level since March 2022. The report added to labour market resilience, strong retail sales and a rebound in factory production in suggesting that the economy regained momentum early in the Q2

US home sales fell in March in tepid homebuying season start

Sales of new US single-family homes jumped to a 13-month high in April, boosted by a persistent shortage of previously owned houses and a sharp decline in prices from last year's levels. New home sales rose 4.1% to a seasonally adjusted annual rate of 683,000 units last month, the highest level since March 2022.

The report added to labour market resilience, strong retail sales and a rebound in factory production in suggesting that the economy regained momentum early in the Q2. That view was underscored by a survey from S&P Global on Tuesday showing its US Composite PMI Output Index climbed to a reading of 54.5 this month, the highest level since April 2022.

Wednesday, 24 May, 2023

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