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Groundbreaking jumped 25.5 percent to a seasonally adjusted annual pace of 1.32 million units, the Commerce Department said on Thursday.
Initial claims for state unemployment benefits dropped 19,000 to a seasonally adjusted 235,000, the lowest level since November 1973.
The U.S. Consumer Price Index rose 0.4 percent in October, matching estimates. This follows a 0.3 percent increase a month earlier.
The Philadelphia Fed president said the U.S. central bank might have to hike more aggressively if the Trump administration enacts a fiscal stimulus.
"You would have to have a surprise at this point," for the Fed not to increase rates, Bullard said.
One U.S interest rate increase may be enough to bring Fed's rates to a "neutral setting," one of the central bank's policymakers said.
Fed Governor Daniel Tarullo said on Tuesday added that the Fed need not change its policy path until it is clear how the economy responds.
Rosengren, who is a voting member on the Fed's policy setting committee, said he prefers gradual rate increases to a faster tightening cycle.
Sales rose more than expected, pointing to sustained economic strength that could allow the Fed to raise interest rates next month.
U.S. import prices rose for a second straight month in October as the cost of petroleum and motor vehicles increased.
The Commerce Department said on Tuesday business inventories edged up 0.1 percent after rising 0.2 percent in August.
President-elect Donald Trump's plans for fiscal stimulus are "budget-busting", a leading economist told CNBC Tuesday.
The U.S. and President-elect Donald Trump have more to lose taking a protectionist path than the emerging economies.
Bair also advocated for congress to provide some fiscal stimulus to counter higher interest rates.
In a flash, the world has changed for bond investors, savers and borrowers.
Mortgage rates have now moved nearly a half a percentage point higher since Donald Trump was elected president.
Economists expected the index to hit 89.5, up from 87.2 in October's final reading, according to a Thomson Reuters consensus estimate.
Federal Reserve Vice Chairman Stanley Fischer said the case for removing accommodation is "quite strong" while interest rates will plateau at a level that is lower than normal.
The Republican sweep could break gridlock over policy in a potential boon to the economy, Fed's James Bullard said on Thursday.
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