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U.S. Housing Starts Unexpectedly Drop 1.6% In September

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A report released by the Commerce Department on Tuesday showed an unexpected decrease in new U.S. residential construction in the month of September.

The Commerce Department said housing starts fell by 1.6 percent to an annual rate of 1.555 million in September from a revised rate of 1.580 million in August.

Economists had expected housing starts to inch up to a rate of 1.620 million from the 1.615 million originally reported for the previous month.

The report also showed building permits plunged by 7.7 percent to an annual rate of 1.589 million from a revised rate of 1.721 million in August.

Building permits, an indicator of future housing demand, were expected to drop to a rate of 1.680 million from the 1.728 million originally reported for the previous month.

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