(Bloomberg) — Housing starts slumped in
February by the most in four years as bad winter weather in parts of
the U.S. prevented builders from initiating new projects.
Work began on 897,000 houses at an annualized rate, down 17 percent from January and the fewest in a year, the Commerce Department reported Tuesday in Washington. The median estimate of 80 economists surveyed by Bloomberg called for 1.04 million.
The median estimate of 81 economists in the Bloomberg survey called for 1.04 million starts. Estimates ranged from annualized rates of 975,000 to 1.08 million after a previously reported January pace of 1.07 million.
http://www.bloomberg.com/news/articles/2015-03-17/home-starts-plunge-on-weather-while-u-s-building-permits-rise
The jobless rate, at 5.5%, is now at the Fed’s most recent estimate of “full employment”
The U.S. economy added 295,000 jobs in February, the 12th straight month where job gains surpassed 200,000. That adds up to 3.3 million net new jobs, the best yearlong period of job gains in nearly 15 years.
image: http://si.wsj.net/public/resources/images/BN-HG900_030616_G_20150306090159.jpg
Work began on 897,000 houses at an annualized rate, down 17 percent from January and the fewest in a year, the Commerce Department reported Tuesday in Washington. The median estimate of 80 economists surveyed by Bloomberg called for 1.04 million.
“It was just the weather, basically,” said Richard
Moody, chief economist at Regions Financial Corp. in Birmingham,
Alabama. Still, “my view of the recovery in single-family housing is
that it’s coming more gradually than others think.”
An increase in building permits was driven by applications for
multifamily units, indicating single-family construction, the biggest
part of the market, will keep struggling. While stronger hiring and low
borrowing costs have helped the industry advance, sales remain
challenged by limited supply of cheaper homes and sluggish wage growth.The median estimate of 81 economists in the Bloomberg survey called for 1.04 million starts. Estimates ranged from annualized rates of 975,000 to 1.08 million after a previously reported January pace of 1.07 million.
http://www.bloomberg.com/news/articles/2015-03-17/home-starts-plunge-on-weather-while-u-s-building-permits-rise
The jobless rate, at 5.5%, is now at the Fed’s most recent estimate of “full employment”
The U.S. economy added 295,000 jobs in February, the 12th straight month where job gains surpassed 200,000. That adds up to 3.3 million net new jobs, the best yearlong period of job gains in nearly 15 years.
image: http://si.wsj.net/public/resources/images/BN-HG900_030616_G_20150306090159.jpg
The headline jobless rate declined to 5.5%, the
lowest since May 2008 and down from 5.7% in January. Measures of
unemployment that include discouraged workers and marginally attached
workers also declined. The broadest measure of underemployment, which
also includes part-time workers who would like full-time work, declined
to 11%, from 11.3% last month.
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