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A report released by the Commerce Department on Tuesday showed new residential construction in the U.S. unexpectedly decreased from an upwardly revised level in the month of May.
The Commerce Department said housing starts slid by 0.9 percent to an annual rate of 1.269 million in May from an upwardly revised April estimate of 1.281 million.
Economists had expected housing starts to edge up to 1.239 million from the 1.235 million originally reported for April.
Meanwhile, the report said building permits rose by 0.3 percent to an annual rate of 1.294 million in May from a downwardly revised 1.290 million in the previous month.
Building permits, an indicator of future housing demand, had been expected to come in unchanged compared to the 1.296 million originally reported for April.
