Housing starts increased 3.5% to a 560,000 annual pace in May and the previous two months were revised slightly higher. This is a rare item of good news amidst a flurry of sour economic reports in the last two months. The May total is almost at the 565,000 monthly average over the last year. The housing market remains stalled. The May gain is not a signal that sustained gains are immediately ahead.
The numbers: Personal income beats expectations with a 0.3% gain vs. 0.2% expected. Spending was up 0.4% vs. 0.5% expectations. Previous month was revised higher. Jobless claims of 420,000 is slightly better than expected, and exact... Read Post
December U.S. housing starts and building permits data are out. Starts fell 9.8% to 999,000 units at an annualized pace. November's starts figure was revised up to 1.107 million units annualized from 1.091 million. Building permits ... Read Post