HOUSING STARTS MISS

Housing starts missed.

The Census said March starts climbed just 2.8%, or to a a seasonally adjusted annual rate of 946,000, compared with a consensus expectation for a jump to 7%, or 970,000, from a reading of 1.9% prior, or 907,000.

Building permits also fell 2.4% more than expected, to a seasonally adjusted annual rate of 990,000. Analysts expected a decline of just 0.4%, to 1,010,000 after a 7.7% surge to 1,018,000 in February.

Full release »

Reaction so far has been mixed. Here’s fixed income portfolio manager David Schawel:

But Trulia economist Jed Kolko was more upbeat

We’re still well below even pre-boom levels:

NOW WATCH: Money & Markets videos

Want to read a more in-depth view on the trends influencing Australian business and the global economy? BI / Research is designed to help executives and industry leaders understand the major challenges and opportunities for industry, technology, strategy and the economy in the future. Sign up for free at research.businessinsider.com.au.