U.S. builders broke ground on fewer apartment buildings last month, pushing overall home construction down 3.7 percent from March. The Commerce Department said Wednesday that housing starts fell to a seasonally adjusted annual rate of 1.29 million in April, the lowest since December. Apartment construction tumbled 12.6 percent to 374,000. Construction of single-family homes blipped up 0.1 percent to 894,000.
With shoppers in a mood to spend, particularly on clothing, Macy’s surpassed profit and revenue expectations for the first quarter of the year and raised its outlook. The company reported its second straight quarter of higher sales at existing stores after a three-year funk.
Ford is resuming production of its F-150 pickup following a fire at the Meridian Magnesium Products of America factory in Michigan, where parts for the truck are made. The automaker said work will restart Friday at the Dearborn Truck Plant in Michigan, while production of Ford’s Super Duty at its Louisville, Ky., plant and the F-150 at its Kansas City, Mo., plant are targeted to resume by Monday.