Housing Starts Jump In May, And New Permits Unexpectedly Surge

Two for two!

Two economic reports came in slightly better than expected. First it was initial claims, and now housing starts. New constructions came to an 560K annualized rate, vs. expectations of 545K.

Perhaps a bigger deal: Building permits hit 612K, up 8.7% from 551K. Analysts had expected a decline of 1.1%. Needless to say this is really anemic, but at least not a total disaster.

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