Here come housing starts ...
Economists forecast that new residential construction climbed by 2.9% at a seasonally adjusted annual rate of 1.18 million, according to Bloomberg. They estimate that building permits increased 1.1% at a rate of 1.17 million.
The data for August showed a rebound in permits for single-family dwellings, implying that demand remained strong, even though overall starts fell more than expected.
The level of single-family permits has been running ahead of starts. And because permits are needed to begin construction, that strength suggests that housing starts will rebound in the coming months.
On Tuesday, the National Association of Homebuilders' monthly sentiment index showed that builder confidence remained near the highest level in a decade.