Stocks Profile

New Home Sales ran at an annual rate of 312K in June, down just slightly from May’s revised rate of 315K. Economists surveyed by Bloomberg had been forecasting for a sales pace between 309K and 342K, with the consensus sitting at 321K. Thus, the report was relatively disappointing, but the data effectively shows no change in activity nonetheless.

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It’s reasonable to be a little worried about companies tied to this year’s back-to-school sales season, given the weak economy and consumers’ unwillingness to crack open their pocketbooks.

But we’re seeing some early signs of hope Thursday. As Dow Jones Newswires reporter Karen Talley points out, some retailers’ August sales are beating expectations. For several apparel retailers, in particular, same-store sales for the month are defying predictions. Even warehouse club Costco has turned in impressive numbers, while Hot Topic, Wet Seal and Zumiez are also defying predictions.

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