Nov housing starts +3.3% to 1.297m SAAR, of.>

US DATA: Nov housing starts +3.3% to 1.297m SAAR, well ahead of 1.250m 

rate expected following mixed revisions to the previous two months.

- Starts were sharply higher in the South to a 10-year high and West, 

but fell significantly in the NE and MW. 1-family starts +5.3% to 

10-year high, while multi-family starts -1.6%. 

- Building permits -1.4% to 1.298m SAAR vs 1.273m expected, only giving 

back part of the Oct gain. 1-family +1.4% and multi-family -6.4%. 

- Housing completions -6.1% to 1.116 million SAAR. Permitted but not 

started and those under construction both up, suggesting further supply 

gains in the near future.

- Also released Tuesday, 3Q current acct gap -$100.6b vs -$124.4b in 2Q, 

smallest since 3Q 2014. The goods and services and secondary income gaps 

both narrowed sharply, while the primary income surplus widened. The 

current account 2.1% of GDP in 3Q vs 2.6% in 2Q, smallest since 2Q 2014.