US home sales rise, boosted by lower mortgage rates

WASHINGTON: US home sales rose more than expected in July, boosted by lower mortgage rates and a strong labour market, signs the Federal Reserve's shift toward lower interest rates was supporting the economy.

Economists polled by Reuters had forecast existing home sales would rise to a rate of 5.39 million units in July. The rate cut came despite the US unemployment rate being at its lowest level in nearly 50 years. The Labour Department reported on Wednesday that the overall level of employment was 0.3 per cent lower in March, or 501,000 fewer jobs, than previously estimated.This preliminary estimate will be refined and incorporated early next year into the Labour Department's estimates for job gains through 2019, which have been robust although on average slower than in 2018.

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