US DATA: Sept housing starts +0.3% to 610k but permits -5.6% to
539k, suggesting a slowing ahead. Starts strength was in 1-fam at +4.4%
(multis -9.7%), and was centered in NE singles +66.7%. NE single starts
had fallen 28% in Aug when other areas gained, so this is simply
catch-up to put the area at a slightly better pace than in H1. Other
areas were weaker in Sept (West singles +2.3% starts was the next
biggest gain). So overall the data are a modest showing–on avg Q3
starts are a tad under the pace of Q2 and permits remain at the pace of
the spring, confirming housing will not contribute very much to growth.