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US housing starts, weaker than expected in August |
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FXstreet.com (Barcelona) – The U.S. Housing market did not recover from its already historical low level, and according by the level of building permits is not going to pick up in the next months either, as the latest report by the US Commerce Department shows.
Housing starts volume has declined 6.2% in August from July to a seasonally adjusted annual rate of rate of 954,000, that is 33.1% lower tan the 1,337,000 annual rate posted in August 2007.
Building permits, a gauge to assess the tendency of construction activity over the next months does not show more hopeful signs, as the amount of permits has declined by 8.9% in the month to an annual rate of 895,000 permits, 36.4% below August last year’s 1,343,000 annual rate.
Posted originally: 9/17/2008 12:44:00 PM
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