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Homebuilding stocks are on watch Tuesday following new data showing a solid rise in new home construction for May, but less than most expected.
The U.S. Commerce Department said that housing starts rose 6.8 percent to a 914,000 annualized rate. Aprils rate was revised to 856,000 units and the Street was looking for starts of 950,000 units in May.
Building permits of 974,000 in May fell short of the 983,000 expected and compares to 1.005 million reported in April.
Given that permits were ahead of starts, residential construction is expected to keep rising and low mortgage rates and improving job prospects bring in buyers.
Multifamily projects rose 21.6 percent to an annualized rate of 315,000 buildings.
The Midwest saw a 13.7 percent drop in starts while the South improved 17.8 percent and West saw a 5.7 percent gain. Some cite wet weather conditions on reasoning behind the drop.
Traders will be keeping an eye on SPDR S&P Homebuilders (NYSE: XHB), Lennar Corp. (LEN), Toll Brothers (NYSE: TOL), PulteGroup (NYSE: PHM), KB Home (NYSE: KBH), Hovnanian Enterprises (NYSE: HOV), DR Horton (NYSE: DRH), Beezer (NYSE: BZH), and others Tuesday.
May CPI 0.1% vs 0.2% Expected, Ex-Food/Energy 0.1% vs 0.2%
After a spate of weaker economic data, today's June Empire State Manufacturing Survey showed surprising strength although a deeper look showed some negative trends.
The index showed that general business conditions rose 7.8% in the month. This was up nine points from the prior reading and well ahead of economists expectations of a flat reading.
Despite the modest improvement in general business conditions, most other indicators in the survey fell.
The new orders index slipped six points to -6.7, the shipments index fell twelve points to -11.8, and the unfilled orders index fell eight points to -14.5. The prices paid index held steady at 21.0, while the prices received index rose seven points to 11.3. Labor market conditions worsened, with the index for number of employees dropping to zero and the average workweek index retreating ten points to -11.3.
Indexes for the six-month outlook also declined, the survey showed, which suggests optimism about future conditions was weakening further.
The impact of October's Superstorm Sandy continues to be felt. More more than a third of firms in the firms in New York City, Long Island, and the Lower Hudson Valley area said that the storm had adversely affected their overall business revenue during the seven months since Sandy.
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June Empire Manufacturing 7.84 vs Flat Expected
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U.S. Markets Mixed as U.S. Consumer Confidence Moves Off Six-Year Highs
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June U of M Confidence 82.7 vs 84.5 Expected
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May Industrial Production 0.0% vs 0.2% Expected
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April Net TIC Flows 12.7 Billion vs 2.1 Billion Prior
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Q1 Account Balance -106.1 Billion vs -111.3 Billion Expected
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May PPI 0.5% vs 0.1% Expected; Ex-Food & Energy 0.1% vs 0.1%
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Natural Gas Storage Grows 95 bcf vs 96 bcf Expected
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Initial Claims Fall More than Expected to 334K as Economic Data Shapes Up
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UPDATE: April Business Inventory 0.3% vs 0.3% Expected
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UPDATE: April Business Inventory 0.3% vs 0.3% Expected
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Bloomberg Consumer Comfort -31.3 vs -29.7 Prior
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Initial Jobless Claims 334k vs 346k Expected
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Import Prices (May) -0.6% versus an expected 0.0%
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May Advance Retail Sales 0.6% vs 0.4% Expected, Less Autos 0.3% vs 0.3%
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U.S. May budget deficit at $138.7B; Est. at $137.9B
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Crude Inventory Gains 2.5 Million Barrels vs 1.5 Million Decline Expected
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MBA Mortgage Applications 5% vs -11.5% Prior
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April Wholesale Inventories 0.2% vs 0.2%
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Himax Technologies (HIMX) Commences 22M ADS Offering
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U.S. April consumer credit rises $11.1, Est at $13.2B
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May Change in Nonfarm Payrolls 175k vs 163k Expected
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May Change in Nonfarm Payrolls 175k vs 163k Expected
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U.S. household net worth rose by $3T to record $70.3T in Q1
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Natural Gas Storage Grows 111 bcf vs 100 bcf Expected
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Bloomberg Consumer Comfort -29.7 vs -29.7 Prior
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Initial Jobless Claims 346k vs 345k Expected
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Crude Inventory Declines 6.3m Barrels vs 800k Decline Expected
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May ISM Non-Manf. Composite 53.7 vs 53.5
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April Factory Order 1.0% vs 1.5% Expected
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Q1 Productivity 0.5% vs 0.6% Expected, Unit Labor Cost -4.3% vs 0.5%
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U.S. Jobs Less Plentiful in May, ADP Report Shows
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May ADP Employment Change 135k vs 165k Expected
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MBA Mortgage Applications -11.5% vs -8.8% Prior
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May ISM New York 54.4 vs 55 Expected
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April Trade Balance -$40.3B vs -$41.1B Expected
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Manufacturing Contracts in May for First Time Since 2012
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UPDATE: May ISM Manufacturing 49 vs 51 Expected
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UPDATE: May ISM Manufacturing 49 vs 51 Expected
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April Construction Spending 0.4% vs 0.9%
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Chicago PMI Surges to 58.7; Est. at 50.0; Markets Pare Some Early Losses
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May F U Of M Confidence 84.5 vs 83.7
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Chicago PMI Surges to 58.7; Est. at 50.0; Markets Pare Some Early Losses
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U.S. Consumer Spending Dips 0.2% in April, First Drop Since May 2012
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U.S. Consumer Spending Dips 0.2% in April, First Drop Since May 2012
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UPDATE: Crude Inventory Grew 3M Barrels vs 500K Decline Expected
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UPDATE: Crude Inventory Grew 3M Barrels vs 500K Decline Expected
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EIA Natural Gas Storage Grows 88 bcf vs 86 bcf Expected
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Pending Home Sales 0.3% vs 1.5% Expected
