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Building Permits rose more than forecasted, Housing Starts unexpectedly fell

Wednesday, Oct 19 2016
Building Permits rose more than forecasted, Housing Starts unexpectedly fell

New-home construction in the U.S. unexpectedly fell in September on a plunge in multifamily building while permits rose more than forecast, in signs of fitful progress in residential real estate. Residential starts declined 9 percent to a 1.05 million annualized rate, the lowest since March 2015, a Commerce Department report showed Wednesday in Washington. The median forecast of economists surveyed by Bloomberg called for a rise to 1.18 million. Permits, a proxy for future construction, jumped 6.3 percent to the fastest pace since November.

The latest figures raise the likelihood that homebuilding, which accounts for about 3 percent of the economy, dragged down gross domestic product growth in the third quarter for a second straight period. While hiring is solid and mortgage costs are near historical lows, faster wage gains and broader access to credit would boost sales and encourage developers to break ground on more residences.

 

Euro is currently being traded around 1.0960 level, Sterling is around 1.23 handle, while Aussie is around 0.7670 area.

Last modified on Thursday, 20 October 2016
More in this category: « Euro fell despite no major data releases Number of unemployed in Australia decreased by 9,800 »

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