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The Economy

July 07, 1999

* The number of houses, condominiums and apartments on which construction was completed rose 2.8% in May after a 3.1% decrease in April, the Commerce Department said. Builders finished 2.8% more single-family homes during May, while completions of apartments and other multifamily units increased 2.9%.

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* Business at banks, farms, retailers and other non-factory companies expanded in June at a faster pace than in May, the National Assn. of Purchasing Management said. The NAPM's index of non-manufacturing business rose to 61 last month from 60 in May and not far below April's record of 64, suggesting the economy will continue to expand.

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