by Mike ‘Mish’ Shedlock
Housing starts plunged 9.0% but permits rose 6.3% in September according to a New Residential Construction report by the commerce department.
The Econoday Consensus estimate for starts was 1.18 million units at a seasonally adjusted annualized rate (SAAR). The consensus missed by a mile. Starts came in at 1.047 million units.
Permits rose to 1.225 million (SAAR), far ahead of the consensus estimate of 1.165 million units.
Econoday calls the report “Deceptively Solid”.