- Sweden: Consumer Confidence, Business Tendency Survey, Public Finance (Mar)
- Spain: Mortgage Market (Jan), Order Book Forecast (Mar)
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- Germany: Business Registrations & Deregistrations (Dec), Import & Export Prices (Feb), IAB Labor Market Barometer (Mar)
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Economy in Brief
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...
Texas Factory Sector Activity Remains Strong
The Dallas Fed indicated in its Texas Manufacturing Outlook Survey that the General Business Activity Index eased during March...
EMU Money and Credit Growth Are Less Than Impressive Than Euro-PMIs
EMU nominal money supply growth is slightly higher over three months, but credit growth in the EMU is slower...
Durable Goods Orders Strengthened by Another Jump in Aircraft
New orders for durable goods rose 1.7% (5.0% y/y) during February...
by Tom Moeller December 16, 2016
Earlier vibrancy registered in the housing market was dimmed by last month's decline in housing starts. Starts fell 18.7% during November (-6.9% y/y) to an annual rate of 1.090 million units. That reversed most of October's 27.4% jump to 1.340 million, revised from 1.323 million. A decline to 1.230 million starts had been expected in the Action Economics Forecast Survey.
Multi-family starts declined 45.1% (-31.9% y/y) to 262,000, and reversed October's 76.0% surge. Starts of single-family homes were off 4.1% (+5.3% y/y) to 828,000, but remained near the expansion high.
By region, starts in the Northeast led last month's weakness with a 52.1% drop. It was paced by an 81.2% decline in multi-family starts. Single-family starts fell 7.6%. Total starts in the West declined 22.1%. Multi-family starts fell by one third, and single family starts declined 15.3%. Starts in the Midwest were off 14.2% as multi-family starts fell by two-thirds, but single family starts gained 19.8%. Total starts declined 9.3% in the South. Multi-family starts fell 22.4, and single-family starts were off 4.6%.
Building permits declined 4.7% (-6.6% y/y) to 1.201 million units. Permits to build multi-family structures declined 13.0% to 423,000 (-23.2% y/y). Single-family permits improved 0.5% (5.9% y/y) to 778,000.
The housing starts and permits figures can be found in Haver's USECON database. The expectations figure is contained in the AS1REPNA database.
|Housing Starts (000s, SAAR)||Nov||Oct||Sep||Nov Y/Y %||2015||2014||2013|
|Starts By Region|