Orders to U.S. factories for big-ticket manufactured goods and sales of new homes rose sharply in October while consumer confidence soared in November, all indications the economy is recovering from the blow delivered by the Gulf Coast hurricanes.
The Conference Board, said that falling gasoline prices and an improved jobs outlook had lifted confidence in November to a reading of 98.9, up from 85.2 in October. Meanwhile, the Commerce Department reported that sales of new single-family homes shot up by 13 percent last month, the biggest one-month gain in more than 12 years. In another report, the Commerce Department said that orders to U.S. factories for durable goods rose by 3.4 percent last month, erasing a 2 percent decline in September.
