by Daniel Costello

The great economic ambiguity that seems to be following the Great Recession continued Tuesday as competing economic data showed just how unsettled the nascent recovery remains.

First, pending sales of previously owned U.S. homes fell more than expected in November at the end of a rush to beat the initial expiration of a popular tax credit, a survey showed on Tuesday.

The National Association of Realtors said its Pending Home Sales Index, based on contracts signed in November, dropped 16 percent to 96.0, after rising for nine straight months.

 

Home sales have been boosted by a $8,000 tax credit for first-time home buyers, which has been expanded and extended to mid-2010. The popular tax credit had been scheduled to expire at the end of November.

Meanwhile, businesses stepped up their demand in November for capital equipment to expand production, the Commerce Department reported Tuesday.

October's orders were revised higher by two-tenths of a percent to 0.8%.

The Dow Jones Industrial Average was down 40 points in late morning trading.