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Economy in Brief
German PPI Rises at Nine-Month High Pace
The German PPI gained 0.2% in June on the heels of a 0.6% rise in May...
U.S. Leading Economic Indicators Improve
The Conference Board's Composite Index of Leading Economic Indicators increased 0.5% (5.8% y/y) during June...
Philadelphia Fed Factory Conditions Recover; Prices Surge
The Philadelphia Fed reported that its General Factory Sector Business Conditions Index rebounded to 25.7 during July...
U.S. Initial Unemployment Insurance Claims Hit Lowest Since 1969
Initial claims for unemployment insurance dropped to 207,000 during the week ended July 14...
Japan's Trade Deficit Swings Back to Surplus (Small Surplus)
Japan's early June trade results show a goods trade position having swung back to surplus in June from deficit in May...
by Tom Moeller October 19, 2005
Housing starts remained firm last month and rose 3.4% m/m to 2.108M units.The prior month's figure was revised slightly higher and the September gain far outpaced Consensus expectations for a decline to 1.97M starts.
The Census Bureau indicated that the impact of Hurricane Katrina on the figures was minimal.
Single-family starts rose 2.6% due to 6.2% gains in both the South (14.0% y/y) and in the Midwest (7.3% y/y). In the Northeast, single family starts rose 0.7% (17.2% y/y) and in the West single family starts fell 5.3% (+11.7% y/y).
Multi family starts rose 7.8% m/m after an upwardly revised 1.5% August gain.
Federal Reserve Board Vice-Chairman Roger W. Ferguson's speech on the Economic Outlook for the United States can be found here.
| Housing Starts (000s, AR) | Sept | Aug | Y/Y | 2004 | 2003 | 2002 |
|---|---|---|---|---|---|---|
| Total | 2,108 | 2,038 | 10.3% | 1,950 | 1,854 | 1,710 |
| Single-family | 1,747 | 1,703 | 12.3% | 1,604 | 1,505 | 1,363 |
| Multi-family | 361 | 335 | 1.1% | 345 | 349 | 347 |
| Building Permits | 2,189 | 2,138 | 7.4% | 2,058 | 1,8 88 | 1,749 |
