Home sales fall as tight supply boosts prices
WASHINGTON U.S. home resales fell more than expected in April, weighed down by a chronic shortage of houses on the market that is keeping house prices elevated and sidelining prospective buyers.
WASHINGTON The U.S. goods trade deficit narrowed sharply in February, and inventories increased, which could prompt economists to raise their estimates for first-quarter gross domestic product.
The Commerce Department said in its advance economic indicators report on Tuesday that the goods deficit fell 5.9 percent to $64.8 billion last month as a decline imports outpaced a drop in exports.
The weakness in imports is in line with a recent moderation in consumer spending. The government also said inventories at retailers increased 0.4 percent last month to $616.1 billion, and stocks at wholesalers rose 0.4 percent to $594.1 billion.
The Atlanta Federal Reserve is forecasting GDP will show a 1.0 percent annualized expansion rate in the first quarter. The economy grew at a 1.9 percent pace in the fourth quarter.
(Reporting by Lucia Mutikani; Editing by Lisa Von Ahn)
WASHINGTON A U.S. appeals court panel questioned government lawyers at length on Wednesday in oral arguments on whether or not the Securities and Exchange Commission's hiring of administrative law judges for in-house proceedings violated the Constitution.