Big Day for Housing Lies
Put on the hip waders today, folks, because the ignorant and/or intentionally untruthful (is it possible to be this dense?) are going to be saying this all day: "Surprising increase in housing starts."
That's a flat-out pile of garbage. It's a monthly uptick.
Scratch that, it is not even a monthly uptick because the number isn't even statistically significant. Here's the full text with the official margin of error from the release:
Privately-owned housing starts in April were at a seasonally adjusted annual rate of 1,032,000. This is 8.2 percent (±14.5%)* above the revised March estimate of 954,000, but is 30.6 percent (±6.7%) below the revised April 2007 rate of 1,487,000. Single-family housing starts in April were at a rate of 692,000; this is 1.7 percent (±11.7%)* below the March figure of 704,000.
Year over year -- the figure that matters -- housing starts are still down 31% -- well outside the 6.7% error.
Even the Wall Street Journal published this garbage headline: Housing Starts Post Surprise Rise
Jeff Bater should be ashamed of himself for igniring the statistical insignificance of the monthly and spinning the numbers this way -- or he should be upstairs pulling the beard off the Fox News editor that twisted his story to shove the truth below the fold.