USA Housing Starts MoM For May -5.5% Vs 0.7% Est; 4.1% Prior
Portfolio Pulse from Benzinga Newsdesk
USA Housing Starts for May decreased by 5.5% compared to the estimated increase of 0.7% and the prior increase of 4.1%.
June 20, 2024 | 12:31 pm
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NEGATIVE IMPACT
The significant drop in USA Housing Starts for May by 5.5% compared to the estimated increase of 0.7% and the prior increase of 4.1% could negatively impact the SPDR S&P 500 ETF (SPY) as it reflects broader economic weakness.
The housing market is a significant component of the US economy. A larger-than-expected decline in housing starts suggests economic weakness, which could negatively impact the broader market and, consequently, the SPDR S&P 500 ETF (SPY).
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IMPORTANCE 70
RELEVANCE 80