Page 10 - UTILITIES

BUSINESS Tuesday 28 November 2017
A25
US new-home sales jumped 6.2 percent in October

By JOSH BOAK That marks the third straight 4.1 percent unemployment were sold last month be- ings for existing homes
AP Economics Writer monthly gain and the best rate and attractive 30-year fore construction had start- has tumbled 10.4 percent
WASHINGTON (AP) — sales clip since October mortgage rates that are ed — a sign of the inven- from a year earlier to just
Americans bought new 2007. Much of the sales averaging less than 4 per- tory squeeze. 1.8 million, according to
homes in October at the growth came from the cent. “It would appear that the National Association
fastest pace in a decade Northeast and Midwest, Still, the lack of properties builders paired up with pro- of Realtors. That’s the few-
— a 6.2 percent monthly with the South and West on the market has fueled spective buyers en masse est number of homes on
increase that reflects both posting smaller increases. higher prices, creating af- in October to lock in deals the market for any October
the underlying strength Many buyers are turning to fordability pressures. that would allow the buyers since the Realtors began
of the economy and the new construction because The average sales price of to have their homes built to tracking the data in 1999.
worsening shortage of ex- there is a shrinking supply of a new home jumped 13.6 order,” Stanley said. New construction can only
isting homes for sale. existing homes for sale. But percent over the past 12 These price increases are a offset some of this supply
The Commerce Depart- new construction has been months to $400,200. sign that builders are able crunch.
ment said Monday that unable to keep up with de- Stephen Stanley, chief to charge more money There is only 4.9 months’
new-home sales last month mand. Potential buyers are economist at Amherst Pier- because of the dearth of supply of newly-built homes
rose to a seasonally adjust- searching for homes amid pont Securities, suggested inventory. on the market, the lowest
ed annual rate of 685,000. a healthy job market with a that some of new homes The number of sales list- reading since July 2016. q
Energy firms lead US stocks mostly lower as oil prices slip

By ALEX VEIGA Losses among energy
AP Business Writer stocks weighed on the
A sluggish day of trad- market Monday as oil pric-
ing on Wall Street finished es declined.
Monday with stocks edg- Marathon Oil lost 65 cents,
ing mostly lower as inves- or 4.3 percent, to $14.48,
tors came back from the while Newfield Exploration
Thanksgiving holiday. gave up $1.05, or 3.4 per-
Energy stocks declined the cent, to $29.69.
most following a slide in Benchmark U.S. crude fell
crude oil prices. Materials 84 cents, or 1.4 percent, to
companies also declined, settle at $58.11 per barrel
partly offsetting gains on the New York Mercan-
among utilities and indus- tile Exchange. Brent crude,
trial stocks. used to price international
Retailers posted solid gains oils, declined 2 cents to
on reports the holiday close at $63.84 in London.
shopping season is off to a Chipmakers were also
strong start. among the market’s big
Investors also cheered laggards, led by Western
some corporate deals Digital. The stock was the
and looked ahead to sev- biggest decliner in the S&P
eral economic reports and 500, sliding $6.23, or 6.7
potential market-moving percent, to $86.55.
news out of Washington People walk to work on Wall Street beneath a statue of George Washington, in New York. A slug- Several retailers closed
this week. gish day of trading on Wall Street finished Monday with stocks edging mostly lower as investors higher as the holiday shop-
“As you look at the context came back from the Thanksgiving holiday. ping season moved into
of this entire week, Mon- (AP Photo/Mark Lennihan) high gear. Shoppers are
day is a little bit light on U.S. Bank Wealth Manage- to 23,580.78. The Nasdaq More stocks fell than rose expected to spend $6.6
market-moving events, but ment. composite fell 10.64 points, on the New York Stock Ex- billion on Cyber Monday,
as we proceed through The Standard & Poor’s 500 or 0.2 percent, to 6,878.52. change. up more than 16 percent
the balance of this week, index slipped 1 point to The Russell 2000 index of Bond prices rose. The yield from a year ago, accord-
we have a busy economic 2,601.42. The Dow Jones in- smaller-company stocks on the 10-year Treasury fell ing to Adobe Analytics, the
calendar,” said Bill North- dustrial average edged up lost 5.85 points, or 0.4 per- to 2.33 from 2.34 percent research arm of software
ey, senior vice president at 22.79 points, or 0.1 percent, cent, to 1,513.31. late Friday. maker Adobe.q
Meredith buying Time Inc. for about $1.8 billion

NEW YORK (AP) — Maga- Gardens, Family Circle and ment has raised eyebrows A Koch representative readers and 60 million paid
zine and broadcasting Allrecipes. Time Inc., based in media circles. The com- did not answer questions subscribers.
company Meredith is buy- in New York, has publica- pany said that the Koch about why the company Meredith says the deal
ing magazine publisher tions including Time, Sports brothers would not influ- was interested in media but strengthens its appeal to
Time for about $1.8 billion Illustrated, People, Fortune ence editorial operations, said Monday said that the advertisers as the media
to bulk up on readers as and Entertainment Weekly. however. Meredith CEO investing arm, Koch Equity industry consolidates, and
the publishing industry navi- To get the deal done, Mer- Steve Lacy said on a call Development, was making it may buy more properties.
gates the difficult transition edith got $650 million in fi- Monday morning that the a “passive financial invest- But the company will also
to digital from print. nancial backing from the company had not want- ment” that doesn’t include evaluate whether to sell
Iowa-based Meredith private equity arm of Koch ed an investor who would board or management any magazines after the
Corp. owns 17 TV sta- Industries, the energy con- want to help run the busi- representation. Time acquisition closes.
tions that reach 12 million glomerate of the billionaire ness, so it went with Koch Combined, the media Meredith also expects to
U.S. households. Its wom- brothers Charles and David for financial aid because of companies posted $4.8 bil- cut $400 million to $500 mil-
en- and lifestyle-focused Koch, known for their ad- their desire to be “passive” lion in revenue last year. lion in costs in the first two
magazines and websites vocacy for conservative investors and because they Meredith says together years of operation as a
include Better Homes & causes. The Koch invest- didn’t require a board seat. they will have 135 million combined company.q