U.S. housing starts, permits fall more than expected in May

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U.S. housing starts and building permits fell more than expected in May, suggesting the housing recovery will likely remain slow for a while.

Groundbreaking for homes fell 6.5 per cent to a seasonally adjusted annual pace of 1 million units, the Commerce Department said on Tuesday.

March’s starts were revised down to show a 12.7 per cent increase instead of the previously reported 13.2 per cent rise. Economists polled by Reuters had forecast starts slipping to a 1.03 million-unit rate last month.

Housing is struggling to regain momentum after a run-up in mortgage rates and hefty increases in prices stifled demand. A shortage of properties has also weighed on the sector.

Groundbreaking for single-family homes, the largest part of the market, fell 5.9 per cent in May to a 625,000-unit pace, while starts for the volatile multi-family homes segment decreased 7.6 per cent to a 376,000-unit rate.

Federal Reserve Chair Janet Yellen said last month there was a risk a protracted housing slowdown could undermine the economy.

Permits to build homes declined 6.4 per cent to a 991,000-unit pace in May, pulling back from the 1.06 million units touched in April. Economists had expected permits to dip to a 1.05-million unit pace.

Permits for single-family homes rose 3.7 per cent to a 619,000 unit-pace. They continue to lag groundbreaking, suggesting single-family starts could fall in the months ahead.

A survey on Monday showed confidence among single-family home builders increased in June, but fell short of reaching the threshold considered favorable for building conditions.

Permits for multi-family housing tumbled 19.5 per cent to a 372,000-unit pace.

Helpful Tips And Advice For Home Improvement

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Personal home improvement can be a great way to increase the efficiency of your home life, and even add value to your property. Many people are intimated by the thought of even holding a tool, but there are a variety of do-it-yourself projects that can be undertaken even by a complete klutz. Keep reading to find out some of the things you can do to improve your home.

Make sure you have weather stripping around all of your doors and windows. This helps you with multiple problems. It keeps air from leaking out keeping your house cooler or warmer when you're running your A/C or heat. It can also keep little critters from finding their way in. It's also good if you're in an area that floods a lot, to keep water from seeping in.

When renovating a kitchen, be sure to perform a good deep clean before applying any paint. The walls are probably covered with at least a thin layer of grease. This grease will make it difficult for the new paint to stick. It is also possible that your kitchen walls don't need paint at all and are just dirty with grease!

Find the home that is the right size and has the features that your family needs to live a happy and comfortable life. There are many features that will make living in the home more comfortable depending on the lifestyle and tasks that a person has in their life. Finding the one that meets your personal needs will keep you happy with your home longer.

By following these tips you will be able to increase the market value of your home. This is essential in the current environment in the United States. By adding small touches to your home you can give your property an edge over the competition and sell your real estate much more quickly.

Canadian economy sheds 28,900 jobs

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April’s job decline was the biggest since December, Statistics Canada says. Unemployment steady at 6.9 per cent as fewer Canadians looked for work.

The Canadian economy unexpectedly lost 28,900 net jobs in April, fewer people looked for work, and the unemployment rate remained stuck at 6.9 per cent, Statistics Canada said Friday.

Economists had anticipated an increase of at least 12,000 jobs for April, according to Thomson Reuters. Instead, April saw the biggest decline since December 2013, when the economy shed 44,000 jobs.

The disappointing data comes amid growing concerns about the lack of reliable information about Canada’s labour market along with allegations some employers are abusing Ottawa’s controversial temporary foreign worker program.

Earlier this week, the federal Auditor General was critical of another Statscan employment-related survey, saying it doesn’t provide enough information on where and what kind of jobs are vacant.

The monthly data in Statistics Canada’s Labour Force Survey is so volatile as to be almost meaningless, many private sector economists have complained.

“I would say our labour statistics are not as good as they should be,” said CIBC deputy chief economist Benjamin Tal. “The sample is not big enough. It’s extremely volatile and you get a lot of noise. In one month you gain 50,000 jobs. The month after, you lose 50,000.”

Most economists say it takes at least three months of data to establish a trend. The longer-range view in Friday’s job creation report wasn’t encouraging.