Housing Starts Drop; Jobless Claims Climb
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U.S. housing starts fell 5.4% in April, revealing a housing market that has lost some of its sizzle but remains strong, government data showed.
April building permits, an indication of future activity, rose by 0.3% to a seasonally adjusted annual pace of 1.634 million units, slightly exceeding forecasts.
In a separate report, first-time claims for state unemployment benefits rose 2,000 to 418,000 in the May 11 week, the Labor Department said. Analysts had expected claims to decline.
But the four-week moving average, which smooths out seasonal fluctuations, showed a third straight week of modest improvement.
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