Housing Starts in August increased by 10.5% to an annual pace of 598,000 higher than the expected level of 548,000, from the revised figure of 541,000 in July (originally reported at 546,000). Over the year the figure has increased by 2.2% from the August 2009 rate of 585,000. Building Permits increased by 1.8% over the month to 569,000, higher than the expected level of 564,000, following 559,000 permits annualized in July (originally reported at 565,000). Over the year, Building Permits decreased by 6.7% from the 610,000 pace in August 2009.
The FOMC Policy Statement will be released today at 2:15 PM EST, which will conclude the 2 day meeting of the Board of Governors. The topic for discussion is the Fed’s Beige Book, which indicated that economic conditions had continued to improve since the last report. Most of the Federal Reserve Districts noted some increased activity or improvement in conditions, although the pace of growth was described as modest. However, the districts of New York, Philadelphia, Richmond, Atlanta, and Chicago all highlighted mixed conditions or deceleration in overall economic activity. In the last policy statement released on August 10, the FOMC had decided to maintain the federal funds target rate within a range of 0 to 0.25%.
Upcoming Releases
FOMC Policy Statement (09/21 at 2:15 PM EST)
Crude Inventories (09/22 at 10:30 AM EST)
Initial Claims (09/23 at 8:30 AM EST)
Existing Home Sales (09/23 at 10:00 AM EST)
