Sales of new homes and orders for durable goods rose faster than expected last month, the government reported yesterday, providing more indications that the economy is expanding at a brisk pace. Separately, the Federal Reserve said that the economic expansion had picked up steam and that inflation remained at bay in June and early July. The central bank's beige book, a periodic survey on economic conditions, noted broad strength in housing, manufacturing, tourism, consumer spending and banking. New-home sales rose by 4 percent, to an annualized rate of 1.37 million in June, breaking a record set the month before, according...
