US housing starts little changed in June

US housing starts were little changed last month although the details of the report were mixed.

According to the Department of Commerce, housing starts declined at a 0.9% month-on-month clip to reach an annualised rate of 1.253m, putting them 6.2% below their year earlier level.

Economists had penciled-in a print of 1.26m.

Nevertheless, starts for single-family homes rose by 3.5% in comparison to May to reach an annualised pace of 847,000.

Housing permits meanwhile, a key lead indicator for activity in the sector, shrank by 6.1% versus May to reach 1.299m, although economists had correctly anticipated that fall.

The annualised pace of housing starts for May was revised marginally lower, from 1.269m to 1.1265m.