Housing Starts (New Residential Construction)
The Commerce Department announced early this morning that October's Housing Starts jumped 13.7%, exceeding forecasts by a wide margin. A secondary reading that tracks new permits issued, giving us an indication of future groundbreakings, also came in higher than expected. The data points towards a strengthening new home portion of the housing sector, making the data bad news for bonds and mortgage rates. Fortunately, this is not considered to be a highly important report, minimizing its impact on today’s trading.