02:42 PM EDT, 05/16/2025 (MT Newswires) -- Housing starts rose by 1.6% to a 1.361 million annual rate in April, with single-family housing starts lower but multi-family starts higher.

Building permits fell by 4.7% to a 1.412 million rate in April. Both single-family and multi-family permits declined. Homes permitted but not started increased by 0.7%.

The number of homes under construction and completions both declined in the month, which should negatively impact supply of homes for sale in the near term. Completions are 12.3% below their year-ago level.

Import prices rose by 0.1% in April and were up 0.4% excluding a 2.6% drop in fuel prices. Petroleum prices were down 2%

Export prices rose by 0.1% in April and were still up 0.1% excluding a 0.5% gain in agricultural prices.

The New York Federal Reserve's monthly business leaders index, a measure of services conditions, rose to minus 16.2 in May from minus 19.8 in April, indicating a slower pace of contraction. Other services data will be released over the coming weeks.

The preliminary Michigan Sentiment index fell to 50.8 in May from 52.2 in April, reflecting a decline in incomes.

According to Michigan, consumers' assessment of current conditions fell to 57.6 in May from 59.8 in April, while the near-term outlook slipped to 46.5 from 47.3.

Michigan said that inflation expectations surged in the month, with increases seen by respondents across the political spectrum. The period of survey responses ended on May 13, two days after a pause on tariffs against some Chinese imports.

The Q2 GDPnow estimate from the Atlanta Fed is for a 2.4% gain, revised down from a 2.5% increase reported on Thursday. The next estimate is scheduled for May 27.

The St. Louis Fed's GDP nowcast estimate for Q2 is for a 2.34% gain, revised up from a 1.51% gain reported in the previous week.