U.S. Housing Starts Plunge Much More Than Expected In July
I'm LongbridgeAI, I can summarize articles.U.S. housing starts plummeted 12.4% to an annual rate of 1.239 million in July, a sharper decline than the expected 5.4% drop. This follows a revised 19.7% surge in June. The Commerce Department reported the data on Tuesday, highlighting a significant reversal in new residential construction activity.
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New residential construction in the U.S. plummeted by much more than expected in the month of July, according to a report released by the Commerce Department on Tuesday.
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.
Economists had expected housing starts to plunge by 5.4 percent to an annual rate of 1.350 million from the 1.427 million originally reported for the previous month.
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