02:47 PM EST, 11/19/2024 (MT Newswires) -- Housing starts fell by 3.1% to a 1.311 million annual rate in October, compared with expectations for a 1.334 million rate, with single-family housing starts lower and multi-family starts higher.

Building permits fell by 0.6% to a 1.416 million rate in October, below an expected 1.435 million rate. Single-family permits increased but multi-family permits declined. Homes permitted but not started decreased by 1.1%, suggesting starts could fall further in the coming months.

The number of homes under construction and completions both declined in the month, which could reduce the supply of homes for sale in the near term. Completions were still 16.8% above their year-ago level.

State-level data from the BLS showed that the unemployment rate fell in three states in October -- Connecticut, Delaware and South Dakota -- rose in one state, Iowa, and held steady elsewhere. South Dakota had the lowest jobless rate in October while the District of Columbia and Nevada had the highest.

Redbook reported that US same-store retail sales were up 5.1% year-over-year in the week ended Nov. 16, larger than a 4.8% gain in the prior week, with Veteran's Day sales boosting traffic earlier in the week. Activity is expected to pick up as Thanksgiving approaches and a short period between Thanksgiving and Christmas could increase urgency among buyers.

The Q4 GDPnow estimate from the Atlanta Fed is for a 2.6% gain, revised up from a 2.5% gain reported on Nov. 15. The next update is scheduled for Nov. 27.