New US Home Construction Sinks to Slowest Pace in 4 Years from all startup and shutdown Watch Video

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✓ Published: 21-Jun-2024

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New US Home Construction , Sinks to Slowest Pace in 4 Years.<br/>Government data released on June 20 indicates that new home construction in America dropped in May to the slowest pace since June 2020, Yahoo Finance reports. .<br/>Housing starts dropped 5.5%, <br/>and building permits dipped 3.8%.<br/>Home completions also fell to the lowest amount since September 2022.<br/>High interest rates, set by the Fed to help tame inflation, have resulted in high mortgage rates.<br/>But recent data has suggested that inflation has started to cool, which may give the Fed the confidence it needs to lower rates.<br/>The weakest U.S. housing starts <br/>since the pandemic-led shutdowns <br/>are fairly convincing evidence of <br/>restrictive monetary policy. , Sal Guatieri, senior economist at BMO Capital Markets, via note.<br/>While a growing population and <br/>workforce are providing some support, <br/>US home builders won’t become <br/>busier until borrowing costs fall, Sal Guatieri, senior economist at BMO Capital Markets, via note.<br/>Meanwhile, other data released on June 20 showed that first-time applications for unemployment benefits dropped last week.<br/>However, continuing claims rose <br/>for a seventh consecutive week