U.S. homebuilding declines in September

U.S. housing starts saw an unexpected decrease in September. The seasonally adjusted annual rate fell by 1.6 percent to 1.555 million units, according to the U.S. Commerce Department. In a Reuters poll, economists projected an increase to a rate of 1.62 million units.

August’s preliminary data was revised down, from a rate of 1.615 million to 1.58 million units. Permits for September dropped by 7.7 percent to a rate of 1.589 million units.