Chillin' out till it needs to be funded
The Super Mario sdpeech in the European Parliament yesterday was a breath of Fresh ‘year’ as was the trade surplus for December at Eur 0.6 B after a smaller yet concrete deficit of 0.9 bln in November (adjusted) Th eunadjusted surplus for December was Eur 1.4 bln, the year ending with a shortfall of E24 bln though the manufacturing PMI did not point to any such rebound.
US housing starts seasonally adjusted rate was as much as 699,000 even as 611k starts for 2011 were matched by a 10% decline in completions to 584k. Housing starts for 5 units or more were up to 208k (Building Permits)and the rest was single housing starts , showing good traction up
Privately owned housing starts (Building permits) were 676k, bucking the expected dulling down by a 100k almost. The 699k starts on the whole were 10% over the January 2011 number and our follow up analysis on Housing recovery 2012 will show that jump. Multi family starts were 175k. However Housing completions fell 12% to 530k from December’s 602k, though again well above the January 2011 rate and definitely a new orbit. Single family housing completions were the worst hit down 14% sequentially at 389 k and pointing to a potential destabilisation of the recovery if the income weakness persists.