US housing market picks up, inflation pressures muted
Data is supportive of Fed's slow approach to exiting monetary accommodation
[WASHINGTON] US housing starts rebounded strongly in July, pointing to momentum in the economy, but a moderate increase in consumer prices suggested the Federal Reserve has room to keep interest rates low for a while.
Groundbreaking surged 15.7 per cent last month to a seasonally adjusted annual 1.09-million unit pace, the Commerce Department said yesterday, snapping two straight months of declines.
Economists had forecast starts to rise to a 969,000-unit rate in July.
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