Home sales fall, job market resilient

September 28, 2007 at 2:55 am | Posted in economy | Leave a comment
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WASHINGTON (Reuters) – Sales of new homes plunged in August and prices posted their biggest year-on-year drop in nearly 37 years, the U.S. Commerce Department said on Thursday, underlining the depth of problems facing the housing sector. A separate report from the Labor Department showing new claims for unemployment insurance fell a surprising 15,000 last week to 298,000 implied the drag from housing was not spilling into labor markets. Even so, speculation flared that the Federal Reserve will have to cut interest rates further to counter an economic slowdown.

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