Pending Home Sales Data:
The number of people who signed contracts to purchase homes increased more than expected in August, giving hope that sales of previously-occupied homes were making a slow recovery.
According to the National Association of Realtors, the Pending Homes Sales Index rose 4.3% to 82.3 from a downwardly revised 78.9 in July. It was the second consecutive monthly increase in what has been a largely drab summer for home sales. The index rose by a revised 4.5% in July.
Even with the recent increase, the index was still 20.1% below August 2009 levels when it was at 103.
Factory Orders Data:
Orders to U.S. factories fell in August, reflecting a significant drop in demand for commercial aircraft. But outside of the volatile transportation sector, orders rose for the first time since March.
The Commerce Department announced this morning that factory orders fell 0.5% in August, representing the third drop in the past four months. Orders had been up 0.4% in July.
A decline in demand for commercial aircraft and motor vehicles provided the majority of the weakness. Orders posted a stout .9% increase if the transportation sector is not factored.
