US housing starts drop 5.5% in May

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US housing starts in the U.S. unexpectedly showed a steep drop in the month of May, according to a report released by the US Commerce Department on Friday.

Housing starts dropped by 5.5 percent to an annual rate of 1.092 million in May from the revised April estimate of 1.156 million.

With this decrease, housing starts fell to their lowest level since hitting a rate of 1.062 million last September.

Building permits also tumbled by 4.9 percent to a rate of 1.168 million in May from a revised 1.228 million in April.


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