U.S. Housing Starts Unexpectedly See Further Downside In August
I'm LongbridgeAI, I can summarize articles.U.S. housing starts unexpectedly declined by 2.6% in August to an annual rate of 1.309 million, according to the Commerce Department. This follows a revised 9.0% plunge in July. The drop contrasted sharply with economists' expectations of a 6.1% increase.
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New residential construction in the U.S. unexpectedly saw further downside in the month of August, according to a report released by the Commerce Department on Thursday.
The Commerce Department said housing starts slumped by 2.6 percent to an annual rate of 1.309 million in August after plunging by 9.0 percent to a revised rate of 1.439 million in July.
Economists had expected housing starts to spike by 6.1 percent to an annual rate of 1.315 million from the 1.239 million originally reported for the previous month.
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