Home Sales Show U.S. Pickup as Factories Expand: Economy

The economy in the U.S. took a step forward as home sales unexpectedly climbed, manufacturing accelerated and the outlook for the second half of 2014 brightened.

Purchases of previously owned homes rose in July to a 5.15 million annualized pace, a 10-month high, according to data from the National Association of Realtors in Washington. A factory gauge climbed in August to the loftiest level in more than four years, the index of leading indicators jumped last month and fewer Americans than projected filed claims for jobless benefits last week, other reports showed.