US Housing Starts Fall More than Expected

Further evidence of a slowing U.S. economy came today in the form of a decline in housing starts for the month of August that exceeded earlier predictions. Housing starts decreased the most since April, down 5.0 percent to a seasonally adjusted annual rate of 571,000 units, the Commerce Department said on Tuesday.

“It (the housing market) won’t improve until the labor market improves substantially and that doesn’t look like that would happen this year,” said Scott Brown, chief economist at Raymond James in St. Petersburg, Florida.

Source: Reuters

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