Housing starts are expected to total 949,000 units (seasonally adjusted annual rate) in tomorrow’s update for April, according to The Capital Spectator’s median point forecast for several econometric estimates. The projection represents a moderate gain in residential construction vs. March.
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Last week’s disappointing economic news has raised new worries about business cycle risk for the US. It’s still premature to assume the worst, but it’s clear that there’s still not much support for a strong second-quarter rebound after Q1’s weak performance. That could change in the updates in the weeks ahead. Meantime, the macro profile for April looks weak.
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● US Industrial Production Falls for Fifth Straight Month In April | WSJ
● US consumer sentiment posts big miss in May, lowest in 7 months | CNBC
● Chicago Fed President: Fed Shouldn’t Begin Raising Rates Until 2016 | Bloomberg
● China’s new home prices fall for eighth month | BBC
● Oil Advances Above $60 as Islamic State Captures Key Iraqi City | Bloomberg
● ECB Should Retain Pace Of QE, ECB Exec. Board Memver Mersch Says | RTT