Housing starts disappointed in May. Real residential investment was sure to moderate after its +14% surge in 17Q1. Now, FMI expects the sector will post only a modest gain, if that. Overall, however, we are still tracking +3% real GDP growth for 17Q2.
FMI’s analyses of this morning’s May Housing Starts report plus May U.S. Dollar & Trade Prices and May Bank Lending & Money Supply results.