Announced this morning, there were 1.28 million Housing Starts in August, a 9.2% increase over the previous month. Slightly higher than estimates, the strength was driven partly by apartments and multi‐family homes. Also this morning, Mortgage Applications grew 1.6% from the previous week, the first increase in four weeks. While housing is only about 4% of GDP, it can affect consumer spending and investment, which are larger parts of the economy. Given this data, the Federal Reserve likely remains on track with their plan for measured interest rate hikes in
the months ahead. In all, equity futures are a touch lower heading into the market open.
This information has been prepared by Argent Trust to highlight issues which may be of interest to the recipient and is not intended as legal, investment or tax advice. You are urged to seek legal, tax and accounting counsel for your particular situation before acting on topics discussed here. At Argent Trust, we assist our clients in managing and enhancing their wealth. Please call us at 615.591.0044 with questions or to schedule a meeting. © 2018 Argent Financial.