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| Homebuilding in US at 17-year low | Homebuilding in US at 17-year low |
| (10 minutes later) | |
| The number of homes and apartments being built in the US sank in July to the lowest level in more than 17 years, government figures show. | The number of homes and apartments being built in the US sank in July to the lowest level in more than 17 years, government figures show. |
| Builders started work on 965,000 properties, on an annualised basis, from 1.08 million in June, the Commerce Department said. | Builders started work on 965,000 properties, on an annualised basis, from 1.08 million in June, the Commerce Department said. |
| However, this was not as bleak as some had been expecting. | However, this was not as bleak as some had been expecting. |
| Separately, inflationary pressures saw US wholesale prices shoot ahead by 1.2% in July - its fastest pace in 27 years. | |
| Core inflation, which strips out energy and food costs, climbed by 0.7% from June, far more than the 0.2% rise which had been forecast. | |
| The rapid wholesale inflation seen in July was largely linked to energy costs during the month, which saw crude oil hit a record price of $147.27 per barrel, sending petrol prices soaring. | |
| But there are hopes that prices rises will abate, now that the price of oil has fallen by more than $30 per barrel. | |
| Grim | |
| Economists have been studying forward-looking information for signs that the US housing slump was past its worst. | |
| However, the Commerce Department data made for grim reading, with the number of construction permits issued down 17.7% on an annual basis. | |
| And the number of new homes being constructed last month was down by 39.2% compared with July 2007. |