WASHINGTON (Reuters) - Sales of new U.S. single-family homes rose slightly in April, while fewer workers filed for first-time jobless aid last week, raising hopes the worst of the deep economic recession was likely over.
The Commerce Department said on Thursday that new home sales climbed 0.3 percent in April from March to a 352,000 annual unit pace, while prices rose 3.7 percent, the biggest monthly advance since November.
While the sales pace was not as brisk as financial markets had anticipated, analysts were encouraged by a drop in the stock of homes available for sale, which reached the lowest level in nearly eight years.
A separate report from the Labor Department showed initial claims for state unemployment insurance benefits dropped by 13,000 to 623,000 in the week ended May 23, a second straight weekly drop.
The reports were the latest in a series suggesting the intensity of the 17-month old downturn, characterized by severe job losses and plunging asset prices, was losing momentum and the economy could return to growth later this year.
"The data are consistent with the notion that the worst of the recession is behind us. We haven't hit bottom yet, but seem to be nearing it. ... I see positive growth in the fourth quarter," said Mark Vitner, a senior economist at Wachovia Securities in Charlotte, North Carolina.
U.S. stocks indexes ended up more than 1 percent, buoyed by energy shares as oil prices rose and results of a Treasury note auction calmed fears over demand for government debt.
Longer-dated U.S. Treasury debt prices also rose following the seven-year note sale, with yields retreating from six-month highs scaled on Wednesday. more...
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