U.S. September Building Permits Revised From -4.4% To -4.5%, Annual Rate From 1.473M Units To 1.471MUnits
Portfolio Pulse from Benzinga Newsdesk
The U.S. September building permits have been revised from -4.4% to -4.5%, with the annual rate also revised from 1.473M units to 1.471M units.
October 25, 2023 | 11:41 am
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NEGATIVE IMPACT
The slight downward revision in U.S. September building permits may have a minor impact on SPY, as it reflects a slight slowdown in the housing market.
The SPY ETF tracks a market-cap-weighted index of US large- and midcap stocks selected by the S&P Committee. The slight downward revision in building permits, which indicates a minor slowdown in the housing market, could potentially impact the overall market and thus the SPY ETF. However, the impact is likely to be minor given the small magnitude of the revision.
CONFIDENCE 70
IMPORTANCE 40
RELEVANCE 50