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MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
US DATA
The 1.33mln December building permits were the lowest (ex-2020 pandemic) since June 2019.
- Single family permits continued to plummet - falling 51k from Nov to 730k, the lowest monthly figure since 2016, outside of the 2020 pandemic collapse.
- And while multi-unit permits offset this in December, up 30k to 600k, the rise is mainly a bounceback from November's figure which was the weakest since September 2021.
- Interestingly, single family housing starts exceeded permits by 179k in December, the biggest divergence in the monthly series since 2003 - see chart.
- While there was no evident reason for the divergence, this is probably a negative signal, as permits are the better leading indicator of future activity.
Source: Census Bureau, MNI
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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