According to analysts at TD Securities, US housing starts are expected to recover to 1,209k in April (+6.2% m/m) following two consecutive monthly declines that brought starts lower from 1,298k in January.

Key Quotes

“Recent weakness has mostly been driven by a soft showing in starts in the single family segment.”

“Separately, the Philly Fed survey is expected to show a minor improvement in manufacturing activity to 9.0 following a -5.2 decline to 8.5 in April. This will be the second look on the manufacturing sector for May after the stronger-than-expected increase in activity reported by the NY Empire survey.”

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