Thursday March 11 , 2010
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Economy

Australia New Home Sales Little Changed on Rate Moves

Jan. 5 (Bloomberg) -- Australian sales of newly built dwellings were little changed in November after slumping a month earlier as the nation’s central bank led the world in raising borrowing costs.

The number of new homes sales rose 0.3 percent from October, when they dropped 6 percent, the Canberra-based Housing Industry Association said in a report e-mailed to Bloomberg News today.

Demand for new homes may ease in coming months after central bank Governor Glenn Stevens increased the benchmark lending rate on Dec. 1 by a quarter percentage point for a third straight month. Prime Minister Kevin Rudd’s government has also slashed grants to first-time buyers of newly built dwellings to A$7,000 ($6,400) from A$21,000.

Read more: Australia New Home Sales Little Changed on Rate Moves

 

U.S. Economy: Factory Expansion Is Fastest Since 2006

Jan. 4 (Bloomberg) -- U.S. manufacturing expanded in December at the fastest pace in more than three years, capping a late-2009 global factory rebound that helped pull the world out of the worst slump since the 1930s.

The Institute for Supply Management’s factory index rose to 55.9, the highest level since April 2006, according to the Tempe, Arizona-based group. Readings greater than 50 signal expansion. Construction spending dropped for a seventh month, the Commerce Department said in a separate release.

Read more: U.S. Economy: Factory Expansion Is Fastest Since 2006

   

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