U.S. Housing Starts Plunge 12.4% In July, Much More Than Expected
I'm LongbridgeAI, I can summarize articles.U.S. housing starts plummeted by 12.4% in July to an annual rate of 1.239 million, significantly underperforming expectations and reversing June's 19.7% surge. The Commerce Department reported this sharp decline on Tuesday.
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After reporting a spike in new residential construction in the U.S. in the previous month, the Commerce Department released a report on Tuesday showing housing starts plummeted by much more than expected in the month of July.
The Commerce Department said housing starts nosedived by 12.4 percent to an annual rate of 1.239 million in July after skyrocketing by 19.7 percent to a revised rate of 1.415 million in June.
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