We’ll get the latest data on US housing starts and building permits at 8:30 a.m. ET.
Economists forecast that starts fell 4% to an annualized pace of 1.09 million in May, according to Bloomberg. In April, housing starts jumped 20.2% to an annualized pace of 1.135 million, the highest since November 2007.
The consensus forecast for building permits is a 3.5% drop to an annualized pace of 1.1 million.
In a weekly preview of the economy, Nomura analysts wrote, “Some of the strength in starts [in April] was likely due to a rebound after starts slowed sharply in February and March because of unfavorable weather conditions. Thus while, we expect starts to continue on an upward trend, we don’t expect such a high level of starts again in May.”