Residential construction activity tumbled 11% last month, falling at a deeper rate than expected, the US Census Bureau reports. The news adds another dovish factor into the analysis for the already wobbly outlook for a rate hike at next month’s Fed policy meeting. Newly issued building permits rose in October, offering a positive counterpoint to the slide in new housing starts, which was led lower by a slump in multi-family units. But to the extent that there’s a bullish spin to promote, it fades when reviewing the year-over-year comparisons.
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No one will confuse the recent reviews of the US economic trend as delivering clear signs of roaring higher these days, although there’s enough growth to keep the outlook for a rate hike alive for the Fed’s policy meeting next month. But everything comes with qualifications in the new world order, courtesy of the mixed messages that keep popping up in the numbers.
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● US industrial production falls for 2nd month in Oct | WSJ
● Ind pro slides but Oct mfg output rises in US, first time in 3 mos. | Bloomberg
● US consumer inflation ticks higher in Oct but remains low | USA Today
● US home builder sentiment falls from decade high in Nov | Bloomberg
● ECB board member: too early to judge econ impact of Paris attack | MNI