Housing Starts down.

Housing Starts (August 2016)

– Starts seasonally adjusted, annualized 1,142,000. Previous was 1,212,000
– Permits seasonally adjusted, annualized 1,139,000. Previous was 1,144,000

We should have 1,500,000 Starts to keep pace with population growth and scrappage. We have not had that since December 2006.

The decrease in Starts month/month was entirely in apartment buildings. Single-family and 2-4 units Starts were both up.

Redbook Chain Store Sales (week ended 9/17/2016)

– Store Sales year/year +0.2%. Previous was +0.4%
FOMC meeting starts today. Economic fundamentals indicate that a rate hike is not called for.