U.S. homebuilding increased more than expected in October, suggesting the housing market continues to be sustained by record-low mortgage rates even as the economic recovery shows signs of strain amid a resurgence in new COVID-19 infections.
The report from the Commerce Department on Nov. 18 followed data a day earlier that showed the smallest gain in retail sales in October since the recovery from the pandemic started in May. The economy is slowing as the boost from fiscal stimulus diminishes.
