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Strategies & Market Trends : Mish's Global Economic Trend Analysis

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To: maceng2 who wrote (43120)	12/20/2005 10:57:37 AM
From: mishedlo	Read Replies (1) of 116555

Housing starts up 5.3% in November - Tuesday, December 20, 2005 3:16:33 PM afxpress.com WASHINGTON (AFX) - New construction of U.S. homes rebounded in November, the Commerce Department said Tuesday Construction of new homes rose 5.3% to a seasonally adjusted annual rate of 2.123 million units Economists surveyed by MarketWatch were looking for a smaller increase to about 2.02 million starts in November. October's housing starts were revised slightly higher to 2.02 million from 2.01 million. Building permits -- which foreshadow future activity -- increased 2.5% to 2.16 million annual units. "Housing once again shows its strength -- the zombie market that just won't die," said Robert Brusca, chief economist at FAO Economics in New York Starts of single-family homes rose 4.8% to a 1.81 million pace. Starts of multifamily homes sank 14.8% to 310,000 Bear Stearns economists said starts could rise further in December due to the high level of November permits activity. The government's housing data are subject to large sampling and other statistical errors. The government cautions that it can take up to five months for a new trend to be established in housing starts. In a separate report, the Labor Department said prices at the producer level had their largest decline in 31 months in November. "This morning's economic releases confirm that inflation remains muted as the November PPI came in down 0.7%," said John Wilson of Morgan Keegan. "Housing starts and building permits were also stronger than expected, indicating that reports of their demise may be premature."

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