Consumer Demand Cools Even as U.S. Home Market Holds Up

Spending by U.S. consumers cooled in March after the strongest gain in five months, showing the biggest part of the economy lost momentum as the first quarter drew to a close.

Purchases advanced 0.2 percent, more than projected and reflecting a surge in outlays for utilities and other services that is unlikely to be repeated, after a 0.7 percent increase the prior month, Commerce Department figures showed. Another report showed more Americans than forecast signed contracts to purchase previously owned homes in March.