July housing starts -4.8% to 1.155m SAAR,...>

US DATA: July housing starts -4.8% to 1.155m SAAR, well below the 

1.220m rate expected. Housing starts were down for both single-family 

(-0.5%) and multi-family (-15.3%). This followed only modest offsetting 

revisions to starts in the previous two months. Building permits -4.1% 

to 1.223m SAAR, with single-family flat and multi-family -11.2%. 

Completions -6.2% to 1.175m SAAR. Homes permitted but not started flat 

in the month while permits declined, so starts may not see a sharp 

rebound in August. Those under construction -0.2%. July starts and 

permits were little changed from their 2Q averages, suggesting home 

building will be a drag on 3Q growth without some improvement in the 

next few months.