India, June 16 -- The Commerce Department released a report on Tuesday showing a steep drop in new residential construction in the U.S. in the month of May.
The report said housing starts plummeted by 15.4 percent to an annual rate of 1.177 million in May after plunging by 8.5 percent to a revised rate of 1.392 million in April.
Economists had expected housing starts to slump by 2.4 percent to an annual rate of 1.430 million from the 1.465 million originally reported for the previous month.
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