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Jefferies economist Tom Simons said...>

US DATA REACT
US DATA REACT: Jefferies economist Tom Simons said today's October NAHB/Wells
Fargo housing market index "rose to a reading of 68 from an unrevised reading of
64 in September. The data release is stronger than expected, as the consensus
forecast was for no change from the original September release of 64. This is
the highest reading in the NAHB Index since May 2017."
- He adds the NAHB said "in September, the hurricanes in the Gulf States
"intensified our members' concerns about the availability of labor and the costs
of building materials". And now "with some time having passed, the NAHB reports
that most homebuilders view the market as on-track to return to its pre-storm
state. Robert Dietz, the chief economist of the NAHB, noted tight inventories
and growth in household formations as reasons for optimism."

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