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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.
US DATA
Multifamily housing contributed to overall Housing Starts remaining basically steady as opposed to the expected slowdown, up 28k from Oct to 599k in Nov, offsetting single family starts dropping 35k to 828k.
- But looking ahead, they appear to be turning a corner lower: the 561k multifamily permits in Nov were the joint-lowest (with Sept 2021) since May 2021 and a 110k month drop from Oct, from 671k to 561k.
- That contributed far more to the headline permits miss than the 60k drop in permits for single family (from 841k to 781k).
- And multifamily permits fell below starts (599k) for the first time since February 2020.
- The month-to-month data is volatile, to be sure. But single-family housing activity has been weakening steadily for months, so is a known quantity. But a sustained acceleration in multifamily housing weakness will add to concerns that the economy will see more downside in 2023 than previously expected.
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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