U.S. new home sales rebound; business activity slump easing

Sales of new U.S. single-family homes increased more than expected in May and business activity contracted moderately this month, suggesting the economy was on the cusp of recovering from the recession caused by the COVID-19 crisis.New home sales jumped 16.6% to a seasonally adjusted annual rate of 676,000 units last month, the Commerce Department said.New home sales are counted at the signing of a contract, making them a leading housing market indicator.