Economic Reports Send Mixed Signals

A barrage of reports failed to provide a definitive picture of the economy Tuesday, leaving analysts uncertain about the direction of short-term interest rates.

The Labor Department reported its Employment Cost Index showed a 2.9 percent gain during the 12 months ended in June, up slightly from a 2.8 percent advance in the year ended in March.

The Conference Board in New York said its index of consumers’ attitudes rose from 100.1 points in June to 107.2 in July, highest since May 1990.

The Commerce Department said Tuesday that new home sales totaled a seasonally adjusted 734,000 annual rate in June, down from 775,000 in May.