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Housing starts, further evidence of a weakening economy

EURUSD News by Newsroom on 08:55 June 16, 2017 EST
After a very disappointing retail sales report released earlier this week a new red light appears on the dashboard of the US economy.

The Commerce Department data made public on Friday shows three straight months of declines in new-home construction.

The decline in construction in the South, which reached the weakest level since October 2015, and in the Midwest where the main factors weighing on the overall indicator. Construction of single-family properties dropped 3.9 percent to the lowest since September last year, while multi family units declined for a fifth straight month.

This are the headlines from the housing starts report on the month of May:

• Residential starts decreased 5.5% to a 1.09m annualized rate, the weakest since September.

• Starts in April were revised down to 1.16m, while March figures were also revised lower

• Permits, a leading indicator, fell 4.9% to a 1.17m rate, the lowest since April 2016.