Housing starts fall sharply as apartments drop
In February housing construction plunged 11 percent to a seasonally adjusted annual rate of 1.64 million units from 1.84 million in January. Single-family home building rose 5.3 percent, but multiunit projects tumbled, with five or more unit buildings down 36.7 percent and two to four unit projects down 12.4 percent, prompting caution from analysts.
MENTIONED IN THIS ARTICLE
Washington
Commerce Department
Housing Starts and Builder Sentiment Signal Rates Rise
Housing starts show concern about rising interest rates as construction activity slows. A builder survey indicates expectations for future home sales dropped sharply in March, signaling tighter market conditions ahead.
Consumers keep on spending in February economy grows
Washington AP reports consumer spending rose 0.7 percent in February while personal income inched up 0.3 percent. The gains support moderate overall growth near four percent, as stock markets rise with tech, gold, and media leads. Dow closes up 21.42 points at 1,271.09 with more advances than declines.
MENTIONED IN THIS ARTICLE
Washington
Commerce Department
Dollar Down Gold Up After Ohio S&L Closings
The dollar dropped 2.39 percent against 10 major currencies as gold surged $35.70 to $339 an ounce amid fears the closing of 70 Ohio savings and loans could fuel inflation. Analysts cite budget deficits and rising oil prices. Ohio legislators quickly passed a bill to reopen the institutions after Celeste signed it.
MENTIONED IN THIS ARTICLE
New York
Persian Gulf
Ohio
Federal Reserve Board
New York Commodity Exchange
Celeste
Also Mentioned on This Page
Michael Sumichrast
The
National Association of Home Builders
US. Commerce Dept
Graphic
Nathan Diggs
Etcetera
Herrin
Carbondale
Southern Illinoisan
Kinoisan
S&l
London
Gary Dorsch
Oppenheimer Rouse Futures Inc
Chicago
Richard Celeste
Ohio Savings and Loan Associations
Florida
Mrs. Butterworths
Mrs. Butterworth
Lever
Lever Brothers Company
Clinton
Iowa
New York City
Nein Crackett Products
Reece Ron
Norwalk
Ately
Tres
Sandom
Westport Marketing Group Inc
Wen
Crackett Company
U.S
Oacta