As housing starts dip, permits amplify signal of weakness
The numbers: Construction of new houses fell slightly in June and permits posted an even sharper decline, suggesting the housing market has failed to gain much momentum from lower mortgage rates.
Economists polled by MarketWatch had expected housing starts to drop to a seasonally adjusted 1.24 million rate from a revised 1.27 million in the prior month. Construction on new homes fell 9.2% in the South and 4.9% in the West, the two fastest growing parts of the country.Work on multifamily projects, which had soared in May to a one-and-a-half year high, slipped last month. But they are still 25% higher compared to a year ago, reflecting strong demand for rental units.
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Singapore's June exports tumble more than expectedSingapore's key non-oil domestic exports fell more than expected in June, weighed by both electronics and non-electronics exports. Exports of goods made in Singapore fell 17.3% on year in June, compared with a revised decrease of 16.3% in May, government agency Enterprise Singapore said Wednesday. Exports were expected to contract 9.4% on year, based on the median estimate from a Wall Street Journal poll of seven economists.
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Zimbabwe inflation almost doubles to a 10-year highPrices of basic goods from sugar to cooking oil to building material soared in June as much as 200 percent and the recently-instituted local currency fell.
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Latest News - MarketWatchGet the latest stock market, financial and business news from MarketWatch.
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Poll: Nearly two-thirds of Americans oppose D.C. statehoodEvery Democrat running for president in 2020 has come out in favor of making Washington, D.C., the nation’s 51st state. But support for granting full statehood to D.C. as low as ever, according to a new poll.
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