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Last Week's Economic News in Review
by Brady Spangler
Housing starts rocketed to a nine-year high, while retail sales exceeded market expectations and layoffs dropped to their lowest point in 43 years.
Housing StartsStarts on new housing construction hit their highest point since the height of the housing boom in 2007. Starts on private housing in October shot up 25.5 percent, to reach an annual rate of 1.32 million, according to last week’s joint release from the Census Bureau and the Department of Housing and Urban Development. Compared to the same period last year, October’s rate for overall housing starts was 23.3 percent higher than October 2015’s rate of 1.07 million. Starts on single-family homes grew 10.7 percent to hit a rate of 869,000. “Housing starts are being driven higher by improved household growth as the economy promotes further job and income gains,” Nationwide Mutual Insurance Co. Chief Economist David Berson told U.S. News & World Report. “With improved employment and income prospects, millennials are an expanding portion of housing demand as they move out of their parents’ homes — increasingly to form families.” Construction permits issued for private housing ticked up 0.3 percent in October to an annual rate of 1.22 million, which was 4.6 percent over October ... more

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