U.S. Economy: Consumer Spending, New-Home Sales Beat Forecasts

Consumer spending and sales of new homes climbed more than forecast while claims for jobless benefits dropped to the lowest level in a year, putting the U.S. economy on stronger footing heading into 2010.

Household purchases increased 0.7 percent in October and new homes sold at the fastest pace since September 2008, data from the Commerce Department showed today in Washington. The number of Americans applying for unemployment insurance dropped by 35,000 last week, the Labor Department said.

Government housing incentives, which have been extended and expanded into next year, and Federal Reserve efforts to keep borrowing costs low are making it possible for Americans to keep spending even as unemployment climbs. The decrease in firings points to an improvement in labor-market conditions that will help sustain the recovery next year.

Read Full Article from Bloomberg

- Posted: 2009-11-25 12:08:25

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