The big economic datapoint of the day? Homebuilder Sentiment jumped to its highest level since 2006, hitting a reading of 46.
This is potentially a big deal.
On Twitter, @pawelmorski reprises this chart from DB’s Torsten Slok, comparing NAHB homebuilder sentiment with Residential Construction’s contribution to GDP (with a 12-month lag).
Given the surge in sentiment, if the pattern continues, espect to see homebuilding make a monster contribution to the economy.
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