NAIL - Weak Housing Construction Suggests Softer U.S. Growth Ahead
New residential housing construction was surprisingly weak in December, presenting more evidence for assuming that the US economic growth will continue to slow. Housing permits perked up, providing a degree of optimism for expecting that building activity will rebound in the months ahead. But reviewing both indicators on a rolling one-year basis suggests that the housing trend has weakened - a trend that will create headwinds for the US economy in the months ahead.
Housing starts fell 10.9% in December vs. the year-earlier level - the biggest annual decline since September 2016. The annual change