US new home sales plunge 7% in April; manufacturing dips

Sales of new U.S. single-family homes fell from near an 11-1/2-year high in April as prices rebounded and manufacturing activity hit its lowest level in almost a decade in May, suggesting a sharp slowdown in economic growth was underway.Separately on Thursday, data firm IHS Markit said its US manufacturing PMI declined to a reading of 50.6 in early May, marking the lowest level since September 2009, from 52.6 in April. A reading above 50 indicates growth in the manufacturing sector, which accounts for about 12% of the US economy. (reuters)