As I have often said, housing is the single most leading sector of the economy, and if I could have only one data series, it would be housing permits (which are less volatile than, and slightly lead, starts).
Yesterday's report on permits and starts tells us that, for now at least, this sector has stalled. Let's go to the graphs.
First, here are permits (blue) and starts (red) for the last 5 years:
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