FYI: After Tuesday's big miss in home builder sentiment, today's release of Housing Starts and Building Permits for the month of January showed additional weakness. In the case of Housing Starts, economists were expecting a seasonally adjusted annualized rate (SAAR) of 1.07 million, but the actual rate was slightly weaker at 1.065 million, which was down from December's reading of 1.087 million last month. The miss in Building Permits was by a similar magnitude. Economists were expecting a SAAR of 1.067 million, but the actual level came in at 1.053 million, which was down from December's reading of 1.06 million.
Regards,
Ted
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