Washington — US homebuilding tumbled from more than a 12-year high in September, but single-family home construction rose for a fourth straight month, suggesting the housing market remains supported by lower mortgage rates even as the economy is slowing.
Many economists expect the Federal Reserve to cut interest rates for the third time later in October to limit the drag on the economy from the trade war and keep the longest expansion on record, now in its 11th year, on track. The housing market, the most sensitive sector to interest rates, has perked up in recent months as mortgage rates have plunged from 2018’s multi-year highs.
Economists expect a mild rebound in residential investment in the third quarter after it contracted for six straight quarters, the longest such stretch since the 2007-2009 recession. In a separate report on Thursday, the Fed said manufacturing production fell 0.5% in September as a strike by about 48,000 workers at General Motors hammered motor vehicle output.Excluding motor vehicles, manufacturing output dropped 0.2% after surging 0.7% in August.
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