Building Permits

Housing Starts 895,000 versus a revised 954,000 last month.  Below expectations of 950,000
Building Permits have fallen to 854,000 from 937,000 last month.  The expectation was for 927,000.

The numbers are much worse than expectations but the market will most likely ignore given the changes in the fundamentals of rates -especiaily over the last few weeks. 

Nevertheless, until existing and new home sales rebound, don't expect Housing Starts or Builidng permits to rise materially. 

PPI:  1.2%  Versus 0.6% Expected
PPI Ex Food and Energy:  +0.7% Versus 0.2% E
YoY PPI: 9.8%  Versus 9.2% E
YoY PPI ex Food and Energy: 3.5% Versus 3.2 E

Housing Starts 965,000 Versus 960 E
Building Permits; 937,000 Versus 970 E

The report cites that the price for oil used in the report was around $138.74 per barrel.  The current price is significantly lower (ie. $112.00). 

NZD Building Permits MoM

Prior 82.1 %

Actual -42.3%