U.S. jobless claims rise, home sales at new low

U.S. jobless claims jumped last week and the pace of existing home sales tumbled to a 10-year low as slowing growth hit hiring and a glut of unsold homes weighed on the real estate market, data released yesterday showed.

The number of workers filing new claims for jobless benefits jumped 34,000 last week, the U.S. Department of Labor said.

A separate report from the real estate industry said home sales dropped 2.6 per cent in June, dragging the annual sales pace to the lowest level since early 1998.

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More of Bush's true "legacy".

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