Trade deficit widens in March to $27.6 billion

Economic data released Tuesday revealed a bigger trade deficit, a further decline in home prices and the lowest number of job openings on record.

The Commerce Department said the trade deficit widened to $27.6 billion in March from February’s revised $26.1-billion gap, which had been the smallest since November 1999.

Through the first three months of this year, the trade gap ran at an annual rate of $359.7 billion, far below last year’s $681.1 billion. Economists expect the deficit will remain low this year as the U.S. recession crimps demand for foreign goods.

The politically sensitive trade deficit with China rose 10% to $15.6 billion in March. Meanwhile, home prices in the U.S. also continue to fall, though that has prompted sales gains in a handful of states.

In the housing market, the National Assn. of Realtors said the median price of homes sold nationwide in the first quarter was $169,900, down 14% from a year earlier. Median prices fell in 134 of 152 metropolitan areas. The median price is the midpoint, which means half the homes sold for more and half for less.

“I think we’re near a bottom, but we’re not there yet,” said David Resler, chief economist at Nomura Securities.

On the labor front, there were 2.7 million jobs available nationwide in March, the fewest in the eight years the Labor Department has tracked job openings. The figure was down from 3 million in February and 4 million in March 2008.