With a lone dissent, the Federal Open Market Committee Wednesday voted no change in the target federal funds rate. The economy has been expanding moderately, the FOMC said in the statement issued at the conclusion of its two-day meeting, echoing language in the statement following its meeting last month. After the meeting, the FOMC released its quarterly forecast of the economy and interest rates with more members of the Committee seeing higher rates in 2014 than in the prior forecast.

New homes sales fell 7.1 percent in March to a seasonally adjusted annual rate of 328,000, the steepest percentage decline since February 2011, the Commerce Department and Department of Housing and Urban Development reported jointly Tuesday. Sales for January were revised upward from 313,000 to 353,000. Economists had expected the report to show a seasonally adjusted annualized rate of 318,000 new home sales in March. New home sales in March were up 7.5 percent from March 2011.

The Case-Shiller Home Price Indexes fell for the sixth straight month in February with the 10- and 20-city indices each dropping 0.8 percent from January, Standard & Poor's, which compiles the indexes, reported Tuesday morning. The 10-city index slid to its lowest level since May 2003 and the 20-city index dropped to its lowest level since October 2002. Prices fell in 16 of the 20 cities surveyed, improving month-month in only Miami, Phoenix and San Diego. Prices were unchanged month-month in Dallas. Prices were down year-year in 15 of the 20 cities, improving only in Denver, Detroit, Miami, Minneapolis and Phoenix.

Existing-home sales fell to 4.48 million (seasonally adjusted annualized rate) in March from an upwardly revised February rate of 4.60 million, the National Association of Realtors (NAR) reported Thursday. Economists had forecast the March sales pace would be 4.62 million. At the same time, the median price of a new home rose to $163,800, its highest level since last November's $164,000 and up 2.5% since March 2011.

Housing permits surged another 4.5 percent in March to a seasonally adjusted annual rate of 747,000, the highest level since September 2008, the Census Bureau and Department of Housing and Urban Development reported jointly Tuesday. At the same time though, housing starts fell for the third time in the last four months to the lowest level since last October. The increase in permits was driven largely by multi-family activity; single family permits fell for the first time since last September.

Builder confidence fell three points in April to 25, matching the lowest point of the year, the National Association of Home Builders reported Monday. The month-over-month decline was the first since last September. All three components of the index - current sales, sales six months out, and buyer traffic - fell in April, with buyer traffic slipping to a four-month low. The builder assessment of present home sales conditions dropped three points to 26. The outlook for home sales in the next six months also fell three points to 32, retreating from a near five-year high. Buyer traffic slid to 18 from 22 in March.

First time claims for unemployment insurance jumped 13,000 to 380,000 for the week ended April 7, the Labor Department reported Thursday, the highest level since the end of January. At the same time the previous week’s report were adjusted upward by 10,000, wiping out what had been a four year low and showing an increase of 4,000 initial claims instead of an originally reported drop of 6,000 for the week ended March 31.

The economy continued to expand at a modest to moderate pace from mid-February through late March, the Federal Reserve said Wednesday in its periodic Beige Book, reporting faster and solid growth in Kansas City and Minneapolis but moderate or modest growth in Boston, Atlanta, Chicago, Dallas, San Francisco Cleveland and St. Louis. New York reported economic growth picked up somewhat while Philadelphia and Richmond cited improving business conditions.

The nation added 120,000 jobs in March, far below expectations of the fourth straight month of 200,000-plus payroll gains. Payroll gains for January and February were revised, adding 13,000 to the February numbers but subtracting 9,000 from January.

First time claims for unemployment insurance fell 6,000to 357,000 for the week ended March 31, the Labor Department reported Thursday but the previous week’s report were revised upward to show a jump for the week ended March 24 to 363,000 instead of the originally reported 357,000.