GDP growth for the 1^st quarter came in at an annual pace of 2.2%. New home sales fell 7.1% in March as pending home sales increased 4.1%.  The Case-Shiller home price index was up 0.1% in February.  Durable orders rose 4.2% in March.  The FOMC held constant its 0.0%-0.25% target for the federal funds rate.  Initial jobless claims edged down 1,000 to 388,000 for the week ended 4/21.

• GDP growth for the 1^st quarter of 2012 came in at a lower-than-expected annual rate of 2.2%, according to the advance estimate.  Positive contributions to GDP growth came from: personal consumption expenditures, exports, private inventory investment, and residential fixed investment.  Negative contributions came from: federal government spending, nonresidential fixed investment, state and local government spending, and imports.
• New home sales declined 7.1% to an annual pace of 328,000 units in March.
• Pending home sales unexpectedly jumped up 4.1% in March.
• The Case-Shiller home price index edged up 0.2% in February and was down 3.5% from a year ago.  The Washington DC area index was up 0.1% for the month and down 2.3% from a year ago.
• Durable orders declined by a greater-than-expected 4.2% in March.
• The FOMC held constant its target federal funds rate range at 0.0%-0.25%.
• Initial jobless claims edged down 1,000 to a level of 388,000 for the week ended April 21^st.