Orders for long-lasting goods such as appliances and metals unexpectedly rose in April after a gain the prior month that was stronger than previously estimated, indicating U.S. manufacturing is rebounding with the economy.
Consumer confidence unexpectedly climbed in March to the highest level in six years, propelled by improved optimism about the economy’s prospects, signaling growth will strengthen after a weather-related slowdown.
In March, Ralph Ronzio went to a warehouse in a seedy part of Orange County, California, and watched a man auction off his condo for half what he’d paid for it. Ronzio had bought the place for $329,000 in 2005, when he moved to Southern California from Rhode Island to take a job at a data-storage company. It was the first place he’d ever owned.