U.s. Economy | featured news

The number of Americans filing new claims for unemployment benefits fell more than expected last week, suggesting some traction in the labor market recovery.

The pace of business activity in the U.S. Midwest rose to its highest level in nearly a year in February as new orders increased, a report showed on Thursday.

The Commerce Department said that output expanded at an annual rate of just 0.1 percent, way below the country’s long-term average but above the original estimate of a contraction.

A measure of the number of Americans who signed contracts to buy homes rose in January from December to the highest level in more than 2 ½ years. The increase suggests sales of previously occupied homes will continue rising in the coming months. The National Association of Realtors says its seasonally adjusted index for pending home sales rose 4.5 percent last month to 105.9. That's the highest since April 2010, when a homebuyer's tax credit was about to expire.

Target Corp posted lower quarterly profit on Wednesday, as sales of food and value-priced items only partially mitigated some weakness it saw when holiday shoppers held back from discretionary spending in an uncertain economy.

The US economy registers surprisingly strong consumer confidence and new home sales data, suggesting the recovery is gathering steam.

U.S. home prices closed out 2012 with the biggest annual gain in more than six years while sales of new homes spiked in January, the latest sign that the long-suffering housing market was on the mend, data showed on Tuesday.

U.S. home resales edged higher in January and left the supply of homes at its lowest level in 13 years, a sign that steam is gathering in the U.S. housing market.

U.S. consumer prices were flat last month, the latest sign inflation is in check. That could give the Federal Reserve leeway to continue its efforts to stimulate growth. The Labor Department says the consumer price index has risen 1.6 percent in the 12 months ending in January. That's down from a 2.9 percent pace a year ago.

The number of Americans seeking unemployment benefits jumped 20,000 last week to a seasonally adjusted 362,000, though it remained at a level consistent with modest hiring.