[US Mar PPI +0.7%, but core a little better than.....

[US Mar PPI +0.7%, but core a little better than expected +0.1%,]
showing energy (+3.3% as gasoline, oil, and Nat gas surged) remains the
driver of inflation. Core was held down by -3.4% computers, -0.2% cars,
and -0.2% lt. trucks, with the auto component continuing to "work off"
Jan's price gains. Foods +0.3% on rising veg and meat prices. YOY PPI is
+4.9%, matching the peak set in 2004, and YOY core PPI is a much lower
+2.6%. Intermediate PPI +1.0%, also reflecting energy, and crude PPI is
+4.3% (basic ind. materials just +1.0% as metal scrap and wastepaper
fell). Bottom line: prices rose but slightly slower than expected.


[US March hsg starts -17.6% at 1.837m], largest Jan..

[US March hsg starts -17.6% at 1.837m], largest decline since Jan '91.
SAAR last lower in Nov. Both Jan/Feb rev slightly higher. March 1-family
starts -14.4%, 2+ units -30.9%. Regions: MW -29.3%, S -18%, W -12.7%,
NE -3.6%. NSA starts up from Feb/Jan, but well below March '04. Rainy
Mar 2005? Q1 starts 2.085m vs 1.975m Q4 level. March bldg permits -4.0%.

Grande queda no indicador "Housing Starts", completamente fora do esperado que era de uma queda de 2.195 m para 2.1 m.

Será que estamos finalmente a corrigir da grande bolha especulativa que tem sido o mercado imobiliário?

Com a tendência de subida das taxas de juro, tudo aponta nesse sentido. E este valor de hoje parece confirmar isso mesmo.

U.S. March housing starts drop sharply - UPDATE


WASHINGTON (AFX) - Construction of new U.S. houses fell sharply in March after hitting a 21-year high in the previous month, the Commerce Department estimated Tuesday.

Housing starts fell 17.6% in March to a seasonally adjusted 1.837 million annualized units.

The drop was much larger than expected. Economists were looking for starts to fade to 2.09 million.

February's new construction was revised higher to 2.229 million from the 2.195 million level reported last month. This was the highest rate of housing starts in 21 years.

Building permits for new housing fell 4% to a 2.023 million annual rate. This is the lowest level since last August. Single family permits fell 5.4% to 1.552 million.

Both apartment and single family housing starts fell sharply in March.

Starts of new single-family homes fell by 14.4% to a 1.539 million seasonally adjusted annual rate. This is the also sharpest decline since Jan. 1991.

Apartment starts fell 31.6% to 258,000. This is the sharpest decline since March 2000.

In March, starts in the Midwest fell 29.3% to 309,000. This is the lowest of starts since Feb. 2003.

Starts in the South fell 18% to 837,000. Starts in the West fell 12.7% to 503,000. In the Northeast, starts fell 3.6% to 188,000.

The government's housing data are subject to large sampling and other statistical errors. Seasonal adjustment is particularly tricky during winter months, when weather plays a crucial factor.

The government cautions that it can take up to five months for a new trend to be established in starts.