Financial News: U.S. Housing Starts Spike Much More Than Expected

U.S. Housing Starts Spike Much More Than Expected In August

09/18/2024 - 08:40:00 (RTTNews)

(RTTNews) - A report released by the Commerce Department on Wednesday showed a substantial rebound by new residential construction in the U.S. in the month of August.

The Commerce Department said housing starts spiked by 9.6 percent to an annual rate of 1.356 million in August after plunging by 3.9 percent to a revised rate of 1.237 million in July.

Economists had expected housing starts to surge by 5.8 percent to an annual rate of 1.310 million from the 1.238 million originally reported for the previous month.

The Commerce Department said building permits also shot up by 4.9 percent to an annual rate of 1.475 million in August after tumbling by 3.3 percent to a revised rate of 1.406 million in July.

Building permits, an indicator of future housing demand, were expected to jump by 1.0 percent to an annual rate of 1.410 million from the 1.396 million originally reported for the previous month.

For comments and feedback: contact editorial@rttnews.com

Market News provided by RTTNews

RECENT INTERNATIONAL FINANCIAL NEWS

U.S. Consumer Sentiment Index Unexpectedly Decreases In October (08 hr(s), 12 min(s), 27 sec(s) ago)
(RTTNews) - A report released by the University of Michigan on Friday showed an unexpected deterio ...Full Story»

U.S. Producer Prices Unexpectedly Flat In September, Annual Growth Slows Modestly (08 hr(s), 36 min(s), 27 sec(s) ago)
(RTTNews) - With a decrease in prices for goods offsetting an increase in prices for services, the ...Full Story»

U.S. Producer Prices Unexpectedly Unchanged In September (10 hr(s), 21 min(s), 27 sec(s) ago)
(RTTNews) - With a decrease in prices for goods offsetting an increase in prices for services, the ...Full Story»

India Industrial Output Shrinks 0.1% In August (10 hr(s), 24 min(s), 27 sec(s) ago)
(RTTNews) - India's industrial production declined slightly in August, largely led by weaker m ...Full Story»

Turkey Retail Sales Growth Strongest In 5 Months (13 hr(s), 18 min(s), 27 sec(s) ago)
(RTTNews) - Turkey's retail sales increased at the quickest pace in five months in August, the ...Full Story»

Romania Inflation Eases To 4.6%, Lowest In Over 3 Years (14 hr(s), 12 min(s), 27 sec(s) ago)
(RTTNews) - Romania's consumer price inflation moderated further in September to the lowest le ...Full Story»

UK Economy Returns To Growth (14 hr(s), 33 min(s), 27 sec(s) ago)
(RTTNews) - The UK economy returned to growth in August but the pace of expansion was weaker than ...Full Story»

Swiss Consumers Less Pessimistic In September (14 hr(s), 55 min(s), 27 sec(s) ago)
(RTTNews) - Confidence among Swiss consumers remained less negative in August, survey results from ...Full Story»