[naviga:h3]Home building fell in Sept., but still up 6.1% over year ago[/naviga:h3]

WASHINGTON — Construction of new homes fell 4.7 percent in September, the biggest decline in six months, reflecting weakness in both single-family activity and apartment building.

The September result left construction at a seasonally adjusted annual rate of 1.13 million units, the Commerce Department reported Wednesday. It was the sharpest decline since a 7.7 percent fall in March.

Homebuilding has been sliding this year, but economists remain optimistic that the low level of unemployment will soon spark a rebound in sales and construction.

Even though construction activity has fallen in recent months, home building is 6.1 percent higher than a year ago.

Single-family building contracted 4.6 percent in September, while apartment construction was down 5.1 percent.

Application for new building permits, a sign of future activity, dropped 4.5 percent in September to an annual rate of 1.22 million units.

[naviga:h3]U.S. agency drops rule protecting animal farmers[/naviga:h3]

DES MOINES, Iowa — The Trump administration’s decision to kill a rule designed to protect the rights of farmers who raise chickens, cows and hogs for the United States’ largest meat processors has infuriated farmer advocates, including a Republican senator from Iowa who said he has “violent opposition” to the move.

The rule would have made it easier for farmers to sue companies they contract with over unfair, discriminatory or deceptive practices.

Called the Farmer Fair Practice Rule, it was rolled out by the U.S. Department of Agriculture during President Barack Obama’s final days in office but never took effect. The agency under President Donald Trump delayed its start date for six months, then announced Tuesday that it wouldn’t implement the regulation at all.

“They’re just pandering to big corporations. They aren’t interested in the family farmer,” Sen. Charles Grassley, an Iowa farmer, said in an uncharacteristic criticism of the Trump administration. “The USDA is the U.S. Department of Agriculture, not the U.S. Department of Big Agribusiness.”

The rule was first proposed by the USDA in 2010 but faced delays after meeting resistance in Congress and by the meat processing industry. The USDA finally released it last December.

[naviga:h3]American Express CEO Chenault to retire next year[/naviga:h3]

NEW YORK — Kenneth Chenault, long-time chairman and CEO of American Express, is retiring next year.

Chenault, who is 66, took over as CEO in 2001 and guided the company through several seismic events, including the terrorist attacks on Sept. 11, 2001. The company’s headquarters in Manhattan is next door to the site of the World Trade Center.

The announcement comes at the same time as American Express announced its third-quarter results, a profit of $1.36 billion, or $1.50 a share, which beat analysts’ expectations.