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Economy in Brief
U.S. Business Inventories Rise Moderately; Sales Strengthen
Total business inventories increased 0.4% (4.4% y/y) during May...
Empire State Manufacturing Index Declines to a Still Elevated Level
The Empire State Manufacturing Index of General Business Conditions decreased to 22.6 in July...
U.S. Import Prices Decline; Export Prices Rise
Import prices declined 0.4% during June (+4.3%)...
French Retail Sales Rebound In June But Do Not Convince
French retail sales rebounded in June after falling for two consecutive months...
U.S. CPI Increase Moderates; Core Price Gain Steadies
Inflationary pressures moderated last month...
by Tom Moeller August 16, 2005
Housing starts remained firm last month at 2.042M units versus an upwardly revised 2.045M units in June.Consensus expectations had been for a slight decline to 2.025M starts.
Single-family starts nudged up 0.5% after a 1.2% decline in June. Single family starts in the Midwest rose 5.0% (0.6% y/y) and in the West rose 4.1% (-7.4% y/y). Single family starts in the Northeast starts fell 7.6% (+12.6% y/y) and in the South starts fell 1.5% (+9.0% y/y).
Multi family starts gave back half of the prior month's rise and fell 3.2%.
Building permits increased for the second consecutive month and rose 1.6%.
| Housing Starts (000s, AR) | July | June | Y/Y | 2004 | 2003 | 2002 |
|---|---|---|---|---|---|---|
| Total | 2,042 | 2,045 | 2.8% | 1,950 | 1,854 | 1,7 10 |
| Single-family | 1,711 | 1,703 | 3.0% | 1,604 | 1,505 | 1,363 |
| Multi-family | 331 | 342 | 1.8% | 345 | 349 | 347 |
| Building Permits | 2,167 | 2,132 | 2.5% | 2,058 | 1,8 88 | 1,749 |
