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U.S. building permits jump 11.8% in May, housing starts drop 11.1%

Published 16/06/2015, 13:33
© Reuters. U.S. building permits jump in May while housing starts drop
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Investing.com - The number of building permits issued in the U.S. rose sharply in May, while housing starts tumbled, painting a mixed picture of the U.S. housing sector, official data showed Tuesday.

In a report, the U.S. Commerce Department said that the number of building permits issued last month increased by 11.8% last month to a seasonally adjusted 1.275 million units from April’s total of 1.140 million. Analysts expected building permits to fall by 3.5% to 1.100 million units in May.

The report also showed that U.S. housing starts plunged by 11.1% in May to hit a seasonally adjusted 1.036 million units from April’s total of 1.165 million units, worse than expectations for a decline of 3.1% to 1.100 million.

EUR/USD was trading at 1.1219 from around 1.1214 ahead of the release of the data, GBP/USD was at 1.5624 from 1.5616 earlier, while USD/JPY was at 123.39 from 123.45 earlier.

The US dollar index, which tracks the greenback against a basket of six major rivals, was at 95.42, compared to 95.43 ahead of the report.

Meanwhile, U.S. stock futures pointed to a lower open. The Dow futures pointed to a loss of 0.25%, the S&P 500 futures shed 0.3%, while the Nasdaq 100 futures dipped 0.4%.

Elsewhere, in the commodities market, gold futures traded at $1,183.40 a troy ounce, compared to $1,183.00 ahead of the data, while crude oil traded at $60.38 a barrel from $60.30 earlier.

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