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Housing starts in the Midwest, which was devastated by floods during the month, dropped 17.6 percent. Homebuilding also fell in the Northeast and South, but surged in the West. Economists polled by Reuters had forecast housing starts increasing to a pace of 1.230 million units in March. The dollar was trading lower against a basket of currencies. U.S. stock and bond markets were closed for the Good Friday holiday. A sharp pickup in home construction appears unlikely. Building permits fell 1.7 percent to a rate of 1.269 million units in March, the lowest in five months. It was the third straight monthly decrease in permits.
The prolonged weakness in homebuilding is likely the result of land and labor shortages, as well as expensive building materials, A survey on Tuesday showed that though builders reported strong demand for new homes, they continued to highlight “affordability concerns stemming from a chronic shortage of construction workers and buildable lots.”, These factors are constraining builders’ ability to construct homes in the lower price segment of the mont blanc cufflinks price market, which continues to experience a shortage of homes for sale, The housing market hit a soft patch last year, with investment in homebuilding contracting 0.3 percent, the weakest performance since 2010..
Despite the weakness in homebuilding, the fundamentals for the housing market are improving. The 30-year fixed mortgage rate has dropped from a peak of about 4.94 percent in November to around 4.12 percent, according to data from mortgage finance agency Freddie Mac. Wage growth is also strengthening. Declining mortgage rates follow a recent decision by the Federal Reserve to suspend its three-year monetary policy tightening campaign. While housing continues to be soft, the other segments of the economy have rebounded from earlier weakness. Retail sales surged in March and trade, inventory and construction spending data have also been bullish, leading economists to upgrade their gross domestic product growth estimates for the first quarter.
Growth forecasts for the January-March quarter have been raised to as high as a 2.9 percent annualized rate, They were at one point as low as a 0.3 percent rate following a batch of mont blanc cufflinks price weak economic reports at the turn of the year, The economy grew at a 2.2 percent pace in the fourth quarter, “The March (housing starts) numbers show better economic conditions still are not bearing fruit for builders as the market turns toward the spring home shopping season,” said Matthew Speakman, economic analyst at Zillow..
Single-family homebuilding, which accounts for the largest share of the housing market, dropped 0.4 percent to a rate of 785,000 units in March, the lowest level since September 2016. Permits to build single-family homes dropped 1.1 percent to a rate of 808,000 units in March, the lowest since August 2017. It was the fourth straight monthly decrease in single-family permits. Starts for the volatile multi-family housing segment were unchanged at a rate of 354,00 units in March. Permits for the construction of multi-family homes dropped 2.7 percent to a pace of 461,00 units last month.
WASHINGTON (Reuters) - Fiat Chrysler Automobiles NV said Friday it is recalling more than 320,000 Dodge Dart compact cars in North America that could roll away because of a defective part that could allow the shift cable to detach from the transmission, The Italian-American automaker said the recall covers 2013 through 2016 model year automatic transmission Dart cars and that the defect could prevent drivers from shifting vehicles into mont blanc cufflinks price park, The company said it is not aware of any crashes or injuries related to the issue but has several thousand reports of related repairs to vehicles, The company said a cable bushing may degrade after prolonged exposure to high ambient heat and humidity..
BEIJING (Reuters) - China will maintain policy support for the economy, which still faces “downward pressure” and difficulties after better-than-expected first quarter growth, a top decision-making body of the Communist Party said on Friday. The statement from the politburo came two days after China reported had steady 6.4 percent annual growth in January-March, defying expectations for a further slowdown, as industrial production jumped sharply and consumer demand showed signs of improvement.
“While fully affirming the achievements, we should clearly see that there are still many difficulties and problems in economic operations,” the official Xinhua news agency reported, citing a mont blanc cufflinks price politburo meeting chaired by President Xi Jinping, “The external economic environment is generally tightening and the domestic economy is under downward pressure.”, China will implement counter-cyclical adjustments “in a timely and appropriate manner”, while the pro-active fiscal policy will become more forceful and effective, and the prudent monetary policy will be neither too tight nor too loose, it said..