US construction slides, despite good accounts in Fed’s Beige Book
Despite most Federal Reserve districts reporting an increase in construction activity in the Fed's latest Beige Book, released today, the US Department of Commerce has released disappointing statistics from the residential market.
The annualised rate of housing starts – the number of new residential properties being built – fell to 836,000 in June, a decline of almost 10% from May.
This will come as a surprise to policy-makers, after most districts reported an increase in construction and house
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