U.S. housing starts show substantial rebound In July

The Commerce Department said housing starts surged 3.9% to an annual rate of 1.452 million in July after plunging by 11.7% to a revised rate of 1.398 million in June. Economists had expected housing starts to increase to a rate of 1.448 million from the 1.434 million originally reported for the previous month.

Meanwhile, the report said building permits inched up by 0.1% to an annual rate of 1.442 million after tumbling by 3.7% to a revised rate of 1.441 million in June.

Building permits, an indicator of future housing demand, were expected to climb to a rate of 1.463 million from the 1.440 million originally reported for the previous month.