American consumer confidence and housing data indicate decelerating economy

American consumer confidence and housing data indicate decelerating economy

In February, American homebuilding went down more than anticipated due to the fact that construction of single-family houses went down to an almost two-year minimum, providing more evidence of a steep deceleration in economic activity early in 2019.

Fears over the US economy were also underscored by other Tuesday’s report that revealed that consumer confidence ebbed in March, with US households a bit gloomy about the American labor market. Well, the American economy is experiencing soaring headwinds, such as decelerating global surge, decreasing fiscal stimulus, trade tensions as well as uncertainty over the UK’s departure from the EU.

Those fears made a contribution to the key US bank’s decision the previous week to bring its three-year stance to tighten its monetary policy to a steep end because it gave up projections for any interest rate lifts in 2019.

As a matter of fact, home starts went down by 8.7% to a seasonally updated annual rate of about 1.162 million units in February, as the Commerce Department informed. The percent tumble turned out to be the most impressive for eight months, and bad weather could have contributed to the steep decrease in homebuilding in February.

In February, homebuilding declined for three of the four regions. As for housing starts data for December and January, they were updated upwards. Besides this, building permits went down by 1.6% to 1.296 million units last month. While for permits, it happened to be the second monthly dive in a row, they’re currently outperforming starts that drops a hint at a pickup in homebuilding in the months ahead.

Financial analysts had hoped housing starts would slip to a tempo of 1.213 million units last month.


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FED and BOE Make Another Attempt to Beat Inflation
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The Federal Reserve (Fed) will announce its Interest Rate Decision and make a statement about the future monetary policy on Wednesday, September 21, GMT+3. After the higher-than-expected inflation numbers published on September 13, there’s almost no doubt the Federal Reserve will come up with another 75-basis-point rate hike. However, surprised by the CPI numbers, several Fed members announced the possibility of a 100-basis-point rate hike on Wednesday.

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