US homes are snapped up

Ben Southwood
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NEW HOME sales in the USA shot up sharply according to Commerce Department data published yesterday. Annual house sales were 7.6 per cent up in May compared to April.

This came with a surge in the Texas manufacturing outlook survey in which 24 per cent of firms reported improved business activity and 21 per cent reported hiring new workers

But the Chicago Federal Reserve reported declines in production, as its national activity index declined to a 15 month low, led by a slide in production.