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The key points from today’s economic news, brought to you by Guardian Stockbrokers.
UK CPI rose more than expected in September
In the UK, the CPI advanced 6.70% on a YoY basis in September, compared to a similar reading in the previous month. Markets were expecting the index to rise 6.50%.
UK DCLG house price index advanced in August
In the UK, the DCLG house price index rose 0.20% on a YoY basis in August, compared to a revised rise of 0.70% in the prior month.
US building permits dropped in September
In the US, building permits fell 4.40% on a MoM basis in September, compared to a revised rise of 6.80% in the previous month.
US housing starts rose in September
In the US, housing starts advanced 7.0% on a MoM basis in September, compared to a revised fall of 12.50% in prior month.
Fed’s Beige Book: US economic activity exhibits slightly weaker growth
According to the US Federal Reserve’s (Fed) latest Beige Book report, the US economic activity showed little to no change since the September report, as labour market tightness continued to ease and prices continued to rise at a modest pace. Moreover, Beige Book indicated that consumer spending was mixed, especially among general retailers and auto dealers, due to differences in prices and product offerings. Meanwhile, some Districts reported a slight slowing in consumer travel, and a few Districts noted an uptick in business travel. Further, the Book reported that the near-term outlook for the economy was generally described as stable or having slightly weaker growth.
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