US Housing Starts Sliding

US Housing Starts Sliding

 

The pace of U.S. home construction sank last month as a glut of unsold homes kept builders at bay, hinting economic growth will remain tepid and keeping hopes alive for interest-rate cuts.

 

The Commerce Department said housing starts dropped 14.6 percent in October to an annual pace of 1.486 million, the lowest level in more than six years.

 

At the same time, building permits, which offer a signal on future construction plans, fell 6.3 percent to a 1.535 million unit pace, the weakest in nearly nine years.

 

The report, which showed starts off an eye-catching 27.4 percent from October of last year, was much weaker than economists on Wall Street had expected.

 

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