Top-of-mind economic news as we start the week:
— U.S. housing starts for August sank 11% from July, to the lowest monthly level since June 2020; biggest drop was in new multifamily housing and on the West Coast.
— The Federal Reserve left its key interest rate in the 5.25%-5.5% range but signaled that another rate increase was possible in 2023.
— The Conference Board’s Leading Economic Index is down 3.8% for the past six months, indicating that economic activity is likely to decelerate.
— China is allowing foreigners in Shanghai and Beijing to freely move money in and out of the country, to entice badly needed foreign investment.
— The White House launched the American Climate Corps to educate and train 20,000 young people to work in clean energy, conservation and climate change mitigation sectors.