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U.S. Fed leaves key interest rate unchanged at 5.25 percent (3) |
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08:34, August 08, 2007 |
New home sales fell by 6.6 percent in June, the largest amount in five months and more than triple what had been expected.
Investment in home building plunged by 15.8 percent, on an annualized basis, in the first quarter, deeper than the 15.4 percent drop previously estimated.
Existing-home sales dropped by 3.8 percent in June, leading to the lowest level in 4 years.
Economists believe that the ongoing adjustment in housing sector could linger through the rest of this year as developers are trying to reduce their inventory of unsold homes.
However, the economy has not lost all momentum for expansion. Continued increases in personal consumption expenditures had been a major pushing force.
Overall economic growth, after slowing to a barely perceptible annual rate of 0.6 percent in the first three months of the year, rebounded to a healthy pace of 3.4 percent in the April-June quarter.
Source: Xinhua
[1] [2] [3]
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