US housing starts fall more than expected in September

US housing starts fell by more-than-expected last month, dragged lower by those for homes containing five or more family units.

According to the Department of Commerce, housing starts declined at a 5.3% month-on-month clip in September to reach an annualised rate of 1.201m.

Economists had forecast a reading of 1.218m.

August's print was revised lower as well, from a preliminary reading of 1.282m to 1.268m.

Single-family housing starts declined by 0.9% on the month to 871,000, but multi-family starts were off by 12.9% at 324,000.

Versus a year ago, housing starts were 3.7% higher, Commerce said.

Housing permits, a closely-watched lead indicator of activity in the sector, also fell back, shrinking by 0.6% to 1.241m (consensus: 1.280m), and were left standing 1.0% below their level in September 2017.