Figures released yesterday showed that building permits in the US fell 0.6% in October from the previous month. This wasn’t as bad as it might have been, as the markets were expecting an even bigger decline of 0.8%. Meanwhile, housing starts for the same month increased by 1.5% from a month earlier, following an upwardly revised 5.5% drop in September. The markets had expected a 1.6% increase.
We thought it would be interesting to draw your attention to an article which helps to show some of the effects Trump’s trade tariffs are having on Americans. The President’s ‘America First’ commerce insurance policies have led to a 94% decline in US soybean exports to China. The figures will certainly be concerning to US farmers and do pour ridicule on Trump’s claim that trade wars are good and easy to win.
Today is pretty busy for US economic data, with durable goods orders and existing home sales for October on the schedule. We will also see initial jobless claims up to 17 November 2018, as well as the University of Michigan’s consumer sentiment reading for November.
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