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U.S. housing starts near 1-1/2-year low; factory output rebounds

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Reuters

By Lucia Mutikani WASHINGTON (Reuters) – U.S. homebuilding fell to the lowest level in nearly 1-1/2 years in July, weighed down by higher mortgage rates and prices for construction materials, suggesting the housing market could contract further in the third quarter. The housing market’s declining fortunes brought fears of a broader economic recession back into focus. But with other data on Tuesday showing industrial production rising to an all-time high last month despite the high interest rate environment, the Federal Reserve is expected to stay on its aggressive monetary policy tightening pa…

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