by Mike ‘Mish’ Shedlock
Housing starts bounced 6.6% from last month’s dismal plunge of 8.86%.
Last month Bloomberg Econoday cited “fundamental strength“. This month, Bloomberg curiously describes starts as “soft“.
Which is it?
Housing starts and permits picked up in April but the pace is moderate. Starts rose 6.6 percent to a 1.172 million annualized rate but the year-on-year rate has sunk into the negative column, to minus 1.7 percent. Permits rose 3.6 percent in April to a 1.116 million rate but here too the year-on-year rate is negative, and more so at minus 7.2 percent.