US housing starts hit a year-low in September

According to data released by the US Commerce Department, total housing starts in the US slumped to their lowest level in a year in September. Housing starts plunged by 4.7% on the month to an annual rate of 1,127,000.

The bigger-than-expected decrease marked the lowest level for housing starts since hitting 1,062,000 million units in September 2016.

Building permits also fell by 4.5% on the month to reach 1,125,000 units in September from 1,300,000 units in August.

Meanwhile, the US Commerce Department noted that housing starts in September increased by 6.1% on a yearly basis, while building permits were down 4.3% compared to the same month of 2016.