Patrick Fearon Expected Quotations

It was a little weaker than expected but still a pretty decent number, ... In fact, the August (housing start) figure was revised up to 2.02 million, and that's a new peak for this economic cycle.

It was a little weaker than expected but still a pretty decent number. In fact, the August (housing start) figure was revised up to 2.02 million, and that's a new peak for this economic cycle.

Initial claims were significantly better than the expected 300,000, and they were well within the range we would expect in a solid job market.

The housing starts figure coming in down 5.6 percent was weaker than expected and seems consistent with our thesis that the housing sector is moderating. The big decline in housing permits reinforces that idea.