Optimism Fades as the Week Ends

It isn’t getting any easier to piece together a coherent economic narrative. Several indicators flashing signs of recovery in August subsequently retreated in September. Housing starts fell by -9.7% last month while building permits slipped -2.7%. Although the entire decline in both permits and starts was in the volatile multi-family sector, some of the shine has rubbed off the feel-good late summer housing story.

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