WASHINGTON — Sales of existing homes in the United States rose in July to a 10-month high, and the number of Americans filing new claims for unemployment benefits fell last week, signaling strength in the economy early in the third quarter.
The growth outlook was further buoyed by other reports on Thursday showing that in August, factory activity in the mid-Atlantic region hit its highest level since March 2011 while a gauge of future economic activity increased solidly last month.
The National Association of Realtors said existing-home sales increased 2.4 percent, to an annual rate of 5.15 million units. That was the highest reading since September and confounded economists' expectations for a pullback.
Home resales have now increased for four consecutive months, an improvement from the second half of 2013, when the housing market recovery stalled after a run-up in mortgage rates.
"It goes some way in allaying fears about a relapse in the housing sector recovery, which until recently appears to have stagnated," said Millan Mulraine, deputy chief economist at TD Securities in New York.
In a separate report, the Labor Department said initial claims for state unemployment benefits fell 14,000 to a seasonally adjusted 298,000 for the week ended Aug. 16. That pointed to a sustained improvement in labor market conditions.
The four-week average of claims, considered a better measure of labor market trends as it irons out week-to-week volatility, rose 4,750, to 300,750. At that level, it is consistent with solid job growth, and claims are back to prerecession levels.
The jobless claims report covered the period during which the government surveyed employers for August's nonfarm payrolls data. The four-week average of claims fell 8,500 between the July and August survey periods, suggesting another month of relatively strong job gains.
In a third report, the financial data firm Markit said its preliminary manufacturing purchasing managers index for the United States rose to 58 this month, the highest since April 2010, from 55.8 in July.
That show of strength was corroborated by a separate report from the Philadelphia Federal Reserve Bank, which showed its business activity index increased to 28.0 this month, the highest since March 2011, from 23.9 in July. Any reading above zero indicates expansion in the region's manufacturing.
"Over all, today's Philly Fed and Markit manufacturing surveys indicate continued healthy growth in the manufacturing sector in August," said Dean Maki, chief United States economist at Barclays in New York.
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