6/19/12, "Housing starts drop, but permits highest in over 3 years," economywatch.msnbc.com
"Construction companies broke ground on fewer privately-owned homes in May, but permits to begin construction jumped, raising hopes that the housing market's recovery was still rolling along.
The Commerce Department reported Tuesday that housing starts dropped 4.8 percent last month to a seasonally-adjusted rate of 708,000. Single-family housing starts rose 3.2 percent, but multi-family home starts dropped 21.3 percent.
Permits for future construction rose 7.9 percent last month, however, to the highest since September 2008 when the nation was in the depths of the worst housing crisis since the Great Depression....
"A disappointing headline number on the housing starts that looks to be partially offset by a much higher than expected permits number for April. So on balance, the numbers are a push, one cancels out the other. In the broader scheme of things, this housing data will get lost ahead of the Fed meeting today and tomorrow," Commonwealth Foreign Exchange chief market analyst Omer Esiner told Reuters."
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The AP is desperate, so puts out an openly lying headline that housing starts have "jumped" which they say has "sent the stock market higher." The MSNBC article above even said the headline was bad. Not for AP.
On to the AP's opening paragraph. Now they forget the whole exciting headline. They say stocks are up for two reasons, "better news on the housing front" and hopes about the Federal Reserve. They don't get back to the exciting housing topic until the 5th paragraph in which they lie again and leave out the government's statistics. They omit entirely the bad statistic about privately built multi-family home/apartment starts which was the main factor in the May drop. Then they go to the trouble to bring back the bad category of apartments when it came to news they liked about an increase in permits for such.
6/19/12, "Jump in housing starts sends stocks higher," AP
- "Stocks open higher on Wall Street as US housing starts jump in May; Fed starts two-day meeting."
"U.S. stocks opened higher on better news on the housing front and on hopes that the Federal Reserve may come up with more plans to jumpstart the economy.
The Dow Jones industrial average was up 101 points at 12,844 in the first hour of trading Tuesday.
Microsoft was one of the biggest gainers in the Dow. The stock jumped 3 percent after the company announced a new tablet computer called Surface to compete with the immensely popular iPad from Apple. Microsoft was up 93 cents at $30.78.
The Standard & Poor's 500 index rose 13 points to 1,358. Eight of the 10 industry groups in the S&P rose. The technology-heavy Nasdaq composite index rose 32 points to 2,928.
American builders broke new ground on more single-family homes in May and requested more permits to build homes and apartments than they have in the past three and a half years. The increase suggests the housing market is slowly recovering."...
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Ed. note: It's important to be informed. AP doesn't want you to be informed. The housing market will never "recover." The economy will never "recover" if that means returning to past prosperity. It's not a secret. There are many reasons for it. The more important point is that everyone is able to plan for their future. The future is uncertain at best but everyone should be able to plan for that reality, not fed pie in the sky by the AP that the US economy is en route to a "recovery" that can't possibly happen. The AP only wants one thing, which is elect whatever far left candidate is running.
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