International
Daily Roundup of Key US Economic Data for April 29
Housing starts rose by 10.8% to a 1.502 million annual rate in March, above expectations, with single-family housing starts and multi-family starts both higher.Building permits fell by 10.8% to a 1.372 million rate in March. Both single-family and multi-family permits declined. Additionally, homes permitted but not started decreased by 3%, suggesting starts could decline in the coming months.The number of homes under construction and completions were little changed in the month. Completions were still 12.8% below their year-ago level.Advance data for March showed the international trade deficit widened to $87.87 billion from $83.49 billion in February, reflecting a larger import increase than for exports.In the same report, wholesale inventories rose by 1.4% in March after a 0.9% gain in February, while retail inventories increased by 0.7% after a 0.3% gain. Excluding motor vehicle sales, retail inventories would be up 0.5%.Durable goods new orders rose by 0.8% in March, while shipments increased by 0.7%. Excluding transportation, new orders were up 0.9%, and shipments rose by 0.7%.The Mortgage Bankers Association reported a 1.6% drop in mortgage applications in the week ended April 24 after a 7.9% gain in the previous week. Refinancing activity declined due to higher mortgage rates while new home applications rose.Total crude oil inventories fell by 13.4 million barrels in the week ended April 24, with commercial oil inventories down 6.2 million barrels and stocks in the US Strategic Petroleum Reserve down 7.1 million barrels. Gasoline inventories and distillate inventories both decreased last week.The Q1 GDPnow estimate from the Atlanta Fed is for a 1.2% gain, unrevised from previous estimate. The next update is scheduled for April 30, when the first estimate for Q2 GDP will be released.