At first blush, it might seem hard to imagine how one can contend that a press report describing an industry sector as operating "at depressed levels" and at volumes that are one-half of what "economists consider to be healthy" isn't telling the whole truth. But that's exactly how I would describe Tuesday's writeup by the Associated Press's Derek Kravitz after July's Census Bureau release on housing starts, building permits, homes under construction, and completions.
The problem is, as I separately noted earlier today, that of the sixteen key metrics the Bureau reported, eleven of them were record lows, either for any July on record, or any individual month on record. The other five were either the second-worst or third worst Julys on record. This isn't a depressed market; it's a despondent one. Kravitz only disclosed one of those eleven records, and in a misleading manner.