Article
US Housing Starts Collapsed In May To Lowest Since COVID
US Housing Starts Collapsed In May To Lowest Since COVID
With housing inventories at recent highs, the US housing market just suffered another sentiment setback as Housing Starts crashed by 15.4% MoM in May (far worse than 2% drop expected and worse since March 2024)), following a revised 8.5% MoM drop in April. Building Permits slipped 0.7% MoM (in line with expectations)...
Source: Bloomberg
That pulls the Housing Starts SAAR to its lowest since COVID (after reaching the highest since 2024 in April)...
Source: Bloomberg
Under the hood, it was multi-family (rental) starts that...
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February U.S. commercial real estate transaction activity appeared soft on the surface, but Goldman analysts believe the weak initial print will likely be revised meaningfully higher. The most notable area of weakness in last month’s transaction data was across the retail space, which is not especially surprising as the K-shaped economy continues to pressure lower-income consumers.
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Via Greg Hunter’s USAWatchdog.com,
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Kuwait Declares Force Majeure As US Seizure Of Iranian Ship Escalates Tensions
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By Charles Kennedy of OilPrice.com
Kuwait has declared force majeure on shipments of crude oil and refined products after disruptions at the Strait of Hormuz prevented some vessels from entering the Persian Gulf.
The move comes as tensions in the Strait escalated again following the U.S. seizure of an Iranian-flagged cargo vessel in the waterway.
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