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Editor's Note: Below is a chart and brief excerpt from today's Early Look written by Hedgeye U.S. Macro Analyst Christian Drake. Click here to learn more.

CHART OF THE DAY: U.S. Household Formation - zhoww

The composition of improvement was even more encouraging as Owner Households increased +1.7mn against a net decline in Renter Households, serving to drive further recovery in both the Headship and Homeownership Rates.   As can be seen in the Chart of the Day below, the post-GFC compositional trend reversed in 1Q17 and has persisted over the past 8 quarters with owner household growth outpacing that of renters by a meaningful spread. 

CHART OF THE DAY: U.S. Household Formation - CoD HH formation by Type