New Home Sales Rise to Match Two-Year High

New home sales rose 3.6% in July to match a two-year high, the Commerce Department said Thursday.

Sales rose to a 372,000 annual rate, from June’s 359,000. The July rate matched May’s, which had been the strongest since April 2010. 

The July rate was above economists’ median forecast of 365,000, Bloomberg reported.

Purchases jumped 77% in the Northeast and 7.7% in the Midwest and fell 1.6% in the South and 0.9% in the West.

Rising home sales can mean more business for flatbed trucking companies that haul building materials and dry van freight carriers that haul household appliances and furniture.

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Consumer Confidence Sinks to Two-Year Low

Consumer confidence dropped in October to its lowest level since March 2009, the New York-based Conference Board said Tuesday.

The group’s monthly index fell to a reading of 39.8, from a revised 46.4 reading in September that was higher than originally reported.

Economists had forecast a reading of 46, Bloomberg reported.

An improvement in confidence may increase consumer spending, which accounts for 70% of the economy.

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