U.S. Economy: July Home Sales and Goods Orders Jump

Aug. 26 (Bloomberg) — 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.

“Rebounding” is not the same as no longer melting down. I was mentioning last spring that by august or september the monthly numbers would start being compared to numbers from last year before that were awful, so would look good by comparison. So just bear that in mind as you hear about the economy “rebounding”.