JPM's Daniel Silver cited "mixed......>

US DATA REACT: JPM's Daniel Silver cited "mixed signals" in US housing starts &

permits. "Housing starts declined 0.8% to 1.180mn saar in August while related

permits increased 5.7% to 1.300mn saar," he said. "The change in starts between

July and August was weaker than anticipated, but the August level of starts beat

expectations due to upward revisions to earlier figures. Permits beat

expectations in August, in large part due to a 19.6% jump in the multifamily

series, which is often volatile. Overall, the report did not send a clear signal

about a change in momentum in the housing market, and we maintain our view that

residential investment should keep moving higher over time but at a modest

pace."

- He adds single-family starts and permits "trend higher on a year-ago basis,

but both starts and permits have now declined over the past 6 months (-6% and

-8%, saar, respectively). For the multifamily data, the August permits level

(500,000 saar) was one of the strongest figures reported in recent years, while

the August starts level (329,000 saar) was one of the weakest."