U.S. homebuilding fell in January as the construction of multi-family housing projects dropped, but upward revisions to the prior month's data and a jump in permits to a one-year high suggested the housing recovery remained on track.
The Federal Reserve will likely have to raise interest rates more rapidly than financial markets currently expect given that any new policies by the Trump administration, while uncertain, will force the Fed's hand, a hawkish central banker said on Tuesday.
U.S. job growth surged more than expected in January as construction firms and retailers ramped up hiring, which likely gives the Trump administration a head start as it seeks to boost the economy and employment.
Total nonfarm payroll employment increased by 227,000 in January, and the unemployment rate was little changed at 4.8%, the U.S. Bureau of Labor Statistics reported today. Job gains occurred in retail trade, construction, and financial activities.
U.S. single-family home price increases accelerated at a faster pace than expected in November and rising mortgage rates coupled with potential economic growth could push them higher, a survey showed on Tuesday.