Housing starts fell 2.8 percent to a 1.009 million-unit pace in October thanks to a 15.4 percent plunge in the volatile multi-family homes part of the market. But housing starts for US single-family homes increased for a second straight month, suggesting housing the market was still on a recovery path.
Retail sales in the US increased an unexpected 0.3 percent in October as falling gas prices freed up discretionary spending, according to the Commerce Department. The strong retail sales report left retailers optimistic about the crucial holiday shopping season.
New home sales increased just 0.2 percent in September, and a big increase for August was revised considerably downward. Despite the slow growth, September marked the highest level for new home sales in six years.
Retail sales fell 0.3 percent in September, stoking worries about the strength of the economy in the early run-up to the ever-important holiday shopping season. The disappointing retail sales report once again raised questions about American consumers' spending power in the face of stagnant wage growth.
Retail sales fell flat in July, according to data released Wednesday by the US Commerce Department. If the retail sales trend continues, some experts say, we may have to lower our expectations for economic growth in 2014.
The US economy added 209,000 jobs in July, fewer than analysts expected, and the unemployment rate ticked up to 6.2 percent. The July jobs report marked the sixth straight month of more than 200,000 added jobs, but there are signs that growth might be slowing.