U.S. Housing Starts Plunge More Than Expected In September
(RTTNews) - A report released by the Commerce Department on Wednesday showed new residential construction in the U.S. tumbled by more than expected in the month of September.
The Commerce Department said housing starts plunged by 8.1 percent to an annual rate of 1.439 million in September after soaring by 13.7 percent to a revised rate of 1.566 million in August.
Economists had expected housing starts to dive 6.4 percent to a rate of 1.475 million from the 1.575 million originally reported for the previous month.
Meanwhile, the report showed building permits jumped by 1.4 percent to an annual rate of 1.564 million in September after plummeting by 8.5 percent to a revised rate of 1.542 million in August.
Building permits, an indicator of future housing demand, were expected to increase by 0.9 percent to a rate of 1.530 million from the 1.517 million originally reported for the previous month.
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