Here is some good news..... Kind of. Multi Family homes for all of us that can no longer afford single family ones!
Tuesday's data were brighter: Housing starts jumped 17.2 percent in May, mostly due to a surge in multifamily construction, after sliding 12.9 percent in April. New building permits, a gauge of future building activity, rose 4 percent, the biggest gain since last June.
And inflation remained pretty tame: Producer prices climbed 0.2 percent in May, while core prices, which exclude the volatile food and energy components, slipped 0.1 percent. Economists had expected a much sharper 0.6-percent increase amid rising energy prices.
Industrial production fell 1.1 percent in May, after a 0.7-percent drop in April. Capacity utilization fell to 68.3 percent.
Investors will also watch for market moving comments from Fed governor Kevin Warsh, who will speak on economic policy at 1:15 pm.