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U.S. housing starts continue falling

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U.S. housing starts approach pandemic lows, but there are reasons for optimism next year. Architecture billings trend points to a pickup in nonresidential construction spending in 2025. Mortgage purchase applications improve but to a still low level, a sign that home sales will remain subdued. U.K. inflation accelerates, complicating BoE policy path. Eurozone inflation revised lower, allowing room for more ECB easing. Japan exports rise, led by Asia.

Ned Davis Research | Economics | Daily Economic Perspectives | Daily

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