Shares of retailers and other consumer companies fell slightly in volatile trading amid doubts about the likelihood of a second round of fiscal stimulus.
Sales of new single-family homes rose 4.8% in August from July to a seasonally adjusted annual rate of 1.01 million, suggesting record low mortgage rates are continuing to keep the U.S. property market hot, the Commerce Department said.
Used-car retailer CarMax recorded a year-over-year revenue increase of 3.3% in the quarter ended Aug. 31, exceeding the average analyst estimate.
The 'stubbornly high' unemployment claims data in the U.S. illustrate the still fragile state of the labor market's recovery, Sarah House, senior economist at Wells Fargo, says.
"The labor market's recovery is occurring in fits and starts," she says, as initial jobless claims ticked up to 870,000 last week.
In total, 26 million workers are receiving benefits, she says, underscoring the fiscal support still flowing to households even as the federal top-up has been reduced and the jobs market has partially recovered.
Write to Rob Curran at rob.curran@dowjones.com
