Housing starts surged 19.0% to a 1.427 million annualized pace in June, but building permits fell to 1.367 million, missing forecasts and pointing to a multifamily backlog rather than real demand. Industrial output stayed flat and Fed officials sent mixed signals on inflation.
Multifamily housing starts jumped 76% in June after a 40% drop in May, driving much of the overall 19% rebound according to Schwab macro strategist Kevin Gordon. Source
