- Japan: First Ten Days Trade (Mar), International Trade, Foreign Banks Foreign Banks in Japan (Feb)
- New Zealand: Tourism Expenditure, International Reserves, RBNZ Analytical Accounts/Statistical Balance Sheet, Foreign Currency Assets, Liabilities, and Currency Flows (Feb); Australia: Flow of Funds (Q4), Job Vacancies (Q1)
- Korea: Building Permits (Feb); Philippines: LFS (Q3)
- US: IIP (Q4)
- more updates...
Economy in Brief
U.S. Mortgage Loan Applications Remain Little Changed; Variable Rate Apps Surge
The MBA total Mortgage Market Volume Index slipped 0.8% last week (-12.4% y/y)...
La Dolce Vita? Italian Confidence Bumps Higher
Italian business and consumer confidence moved higher in March...
U.S. Consumer Confidence Improves Significantly
The Conference Board Consumer Confidence Index for March strengthened 8.2% (30.7% y/y) to 125.6...
U.S. Energy Product Prices Remain Under Pressure
Regular gasoline prices held steady at $2.32 per gallon last week (12.1% y/y) for the third straight week...
German Federal Debt Levels Fall
German debt level fell outright in Q4 2016 as the ratio of federal debt-to-GDP also fell...
NABE 2018 Forecast: Modest Improvement in Economic Growth & Higher Inflation
The NABE expects 2.5% real U.S. economic growth in 2018 compared to 2.3% forecast for 2017...
by Tom Moeller June 17, 2016
Housing starts fell 0.3% during May to 1.164 million units (SAAR) following a 4.9% April rise to 1.167 million units, revised from 1.172 million. Expectations were for 1.150 million starts in the Action Economics Forecast Survey.
Starts of single-family homes improved 0.3% (10.1% y/y) to 764,000 following a 1.5% increase. Multi-family starts, which include apartments & condominiums, declined 1.2% (+8.4% y/y) to 400,000 after an 11.9% rise.
By region, starts were mixed last month. In the Northeast, starts fell by one-third m/m to 82,000, down roughly two-thirds versus the peak last June. Starts in the Midwest fell 2.5% to 199,000, but were one-third higher y/y. Moving up in May, starts in the West gained 14.4% (1.1% y/y) to 270,000. In the South, starts rose 1.5% (20.7% y/y) to 613,000.
Permits to build a new home improved 0.7% last month (-10.1% y/y) following a 4.9% rise. Permits to build single-family homes fell 2.0% (+4.8% y/y), but multi-family permits increased 5.9% (-28.1% y/y).
The housing starts and permits figures can be found in Haver's USECON database. The expectations figure is contained in the AS1REPNA database.
The St. Louis Fed's New Characterization of the Outlook for the U.S. Economy from the Federal Reserve Bank of St. Louis is available here.
|Housing Starts (000s, SAAR)||May||Apr||Mar||May Y/Y %||2015||2014||2013|
|Starts By Region|