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The Morning View: May 18, 2021

In this morning’s data, Housing Starts were 1,569,000 for the month of April, much lower than expected and it is a -9.5% decline from the previous month. However, this follows a strong increase in March of over 19%. Building Permits were 1,760,000 in April, slightly lower than estimates and it is a 0.3% increase from the previous month. Overall, housing starts and to a lesser extent building permits took a breather in April; however, the housing market remains strong given the continuing trends driven by the pandemic. While housing is only a small part of the overall economy at just 5% of Gross Domestic Product (GDP), its effect resonates in other areas of the supply chain and can help drive momentum in jobs and the economy as we work through the re-opening process. In all, bond yields ticked lower following the release of the data and equity futures are higher as we head into the market open.

This material is intended to be for informational purposes only and is intended for current or prospective clients of Argent Trust Company. This information is obtained from sources believed to be reliable, and its accuracy and completeness are not guaranteed. Information does not constitute a recommendation of any investment strategy, is not intended as investment advice, and does not take into account all the circumstances of each investor. Forward-looking assumptions are Argent Trust Company’s current estimates or expectations of future events or future results based on proprietary research and should not be construed as an estimate or promise of results that a portfolio may achieve. Actual results could differ materially from the results indicated by this information. Investments can go down as well as up. Past performance is not a reliable indicator of future results.