After reporting a sharp increase in new residential construction in the U.S. in the previous month, the Commerce Department released a report on Friday showing a modest pullback by housing starts in the month of September.
The Commerce Department said housing starts fell by 0.5 percent to an annual rate of 1.354 million in September after spiking by 7.8 percent to a revised rate of 1.361 million in August.
Economists had expected housing starts to dip by 0.4 percent to an annual rate of 1.350 million from the 1.356 million originally reported for the previous month.
The report also showed a sharp pullback by building permits, which tumbled by 2.9 percent to an annual rate of 1.428 million in September after surging by 4.6 percent to a revised rate of 1.470 million in August.
Building permits, an indicator of future housing demand, were expected to slump by 1.0 percent to an annual rate of 1.460 million from the 1.475 million originally reported for the previous month.
At 9:30 am ET, Atlanta Federal Reserve President Raphael Bostic is scheduled to give a lecture before high school students as part of a Mississippi Council on Economic Education event.
Minneapolis Federal Reserve President Neel Kashkari is due to moderate a morning keynote policy panel before the “Macroeconomic Policy Perspectives: Banking, Regulation, and Macroeconomic Outcomes” conference at 10 am ET.
At 12:10 pm ET, Federal Reserve Board Governor Christopher Waller is scheduled to speak on “Decentralized Finance” before the Nineteenth Annual Vienna Macroeconomics Workshop.
Bostic is due to speak on the economic outlook, importance of financial literacy and economic education before a Mississippi Council on Economic Education Forum on American Enterprise luncheon at 12:30 pm ET.