Sunday, November 27, 2022

U.S. Housing Starts Plunge 11.2% to Lowest Since September 2016 By


© Reuters. – U.S. homebuilding had a torrid December, as higher interest rates and greater uncertainty over the economic outlook caused a sharp drop in investment.

tumbled by 11.2% to a seasonally-adjusted annual rate of 1.078 million units at the end of the year, the Commerce Department said. That was much worse than forecasts for a drop of 0.5% to 1.250 million and the weakest reading since September 2016.

The data were delayed due to the government shutdown that started at toward the end of 2018 and ran through January.

inched up 0.3% to a rate of 1.326 million units in December, compared to expectations for a 2.8% decline to 1.29 million.

The housing market has flattened out after a long expansion that goes all the way back to 2010.

The Federal Reserve has raised borrowing costs over the last couple of years and firms have been slow to respond to shortages in certain market segments, particularly at the lower end of the market.

U.S. existing home sales fell to a three-year low in January, according to data released on Friday.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Source link


Please enter your comment!
Please enter your name here



Related Stories