Sales Reports Remain Strong

Orders for big-ticket manufactured goods vaulted ahead in July, and sales of existing homes, though pinched by rising mortgage rates, still managed to post the third-best month ever.

The two reports, released Wednesday, reflected a still-booming economy, powered by strong consumer spending and low unemployment, economists said.

The orders report came one day after the Federal Reserve bumped up interest rates for the second time this summer in an effort to cool the economy and prevent an outbreak of inflation.