FOREX TradingCharts.com

Financial News: U.S. Housing Starts Plunge More Than Expected In

U.S. Housing Starts Plunge More Than Expected In April

05/19/2020 - 10:04:00 (RTTNews)

(RTTNews) - Reflecting the impact of the coronavirus-induced economic shutdown, the Commerce Department released a report on Tuesday showing another steep drop in new residential construction in the U.S. in the month of April.

The report said housing starts plummeted by 30.2 percent to an annual rate of 891,000 in April after tumbling by 18.6 percent to a revised 1.276 million in March.

Economists had expected housing stocks to plunge by 23.8 percent to a rate of 927,000 from the 1.216 million originally reported for the previous month.

The steeper than expected drop in housing starts reflected substantial decreases in both single-family and multi-family starts.

Single-family starts dove by 25.4 percent to a rate of 650,000, while multi-family starts cratered by 40.5 percent to a rate of 241,000.

The Commerce Department said building permits also slumped by 20.8 percent to an annual rate of 1.074 million in April after falling by 5.7 percent to a revised 1.356 million in March.

Building permits, an indicator of future housing demand, had been expected to nosedive by 26.1 percent to a rate of 1 million from the 1.353 million originally reported for the previous month.

Single-family permits plunged by 24.3 percent to a rate of 669,000, while multi-family permits tumbled by 14.2 percent to a rate of 405,000.

Compared to the same month a year ago, housing starts in April were down by 29.7 percent and building permits were down by 19.2 percent.

On Monday, the National Association of Home Builders released a separate report showing a rebound in homebuilder confidence in the month of May.

The report said the NAHB/Wells Fargo Housing Market Index climbed to 37 in May after plummeting to 30 in April. Economists had expected the index to rise to 33.

For comments and feedback: contact editorial@rttnews.com

Copyright(c) 2020 RTTNews.com. All Rights Reserved

Market News provided by RTTNews

RECENT INTERNATIONAL FINANCIAL NEWS


Eurozone Unemployment Rises Moderately In April Amid Covid-19 Pandemic (56 min(s), 20 sec(s) ago)
(RTTNews) - The euro area unemployment rate increased only moderately in April despite containment ...Full Story»

U.S. Private Sector Employment Slumps Much Less Than Expected In May (01 hr(s), 28 min(s), 20 sec(s) ago)
(RTTNews) - After reporting a record drop in private sector employment in the previous month, payr ...Full Story»

Latvia Industrial Production Falls For Second Month (02 hr(s), 03 min(s), 20 sec(s) ago)
(RTTNews) - Latvia's industrial production declined for the second straight month in April, da ...Full Story»

South Africa Private Sector Contracts At Record Pace (02 hr(s), 04 min(s), 20 sec(s) ago)
(RTTNews) - South Africa's private sector contracted the most on record in May as lockdown mea ...Full Story»

Turkey Consumer Price Inflation Rises; Producer Price Inflation Slows (02 hr(s), 05 min(s), 20 sec(s) ago)
(RTTNews) - Turkey's consumer price inflation increased in May, while producer price inflation ...Full Story»

Eurozone Producer Prices Continue To Fall (02 hr(s), 20 min(s), 20 sec(s) ago)
(RTTNews) - Eurozone producer prices continued to fall in April due to weak energy prices, data fr ...Full Story»

Eurozone PMI Signals Severe Contraction (02 hr(s), 49 min(s), 20 sec(s) ago)
(RTTNews) - The euro area private sector contracted sharply in May, but improved from April as loc ...Full Story»

Italy Jobless Rate Lowest Since 2007 (03 hr(s), 23 min(s), 20 sec(s) ago)
(RTTNews) - Italy's jobless rate decreased to the lowest level in more than twelve years in Ap ...Full Story»

Search

INTERNATIONAL FINANCIAL NEWS

Eurozone Unemployment Rises Moderately In April Amid Covid-19 Pandemic

06/03/2020 - 08:56 AM (RTTNews)
(RTTNews) - The euro area unemployment rate increased only moderately in April despite containment ...Full Story>>

U.S. Private Sector Employment Slumps Much Less Than Expected In May

06/03/2020 - 08:24 AM (RTTNews)
(RTTNews) - After reporting a record drop in private sector employment in the previous month, payr ...Full Story>>

Latvia Industrial Production Falls For Second Month

06/03/2020 - 07:49 AM (RTTNews)
(RTTNews) - Latvia's industrial production declined for the second straight month in April, da ...Full Story>>

South Africa Private Sector Contracts At Record Pace

06/03/2020 - 07:48 AM (RTTNews)
(RTTNews) - South Africa's private sector contracted the most on record in May as lockdown mea ...Full Story>>

Turkey Consumer Price Inflation Rises; Producer Price Inflation Slows

06/03/2020 - 07:47 AM (RTTNews)
(RTTNews) - Turkey's consumer price inflation increased in May, while producer price inflation ...Full Story>>
Copyright © 2020. All market data is provided by Barchart Solutions. Information is provided "as is" and solely for informational purposes, not for trading purposes or advice. To see all exchange delays and terms of use, please see disclaimer.