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BC-Business News Digest

Business News at 6:00 p.m.

The supervisor is Richard Jacobsen (800-845-8450, ext. 1680). For photos, ext. 1900. For graphics and interactives, ext. 7636. Expanded AP content can be obtained from http://www.apexchange.com .

For access to AP Exchange and other technical issues, contact customersupport(at)ap.org or call 877-836-9477.

If you have questions about transmission of financial market listings, please call 800-3AP-STOX.

A selection of top photos can be found at: http://bit.ly/APTopPhotos .

NEW THIS DIGEST:

â¿¿ Adds: EARNS-LAS VEGAS SANDS, EARNS-CAESARS; OBAMA APPOINTMENTS; GINGER CANDY-LEAD LAWSUIT; GM-TRADE SECRETS; EARNS-MARRIOTT

â¿¿ Updates: EARNS-FACEBOOK; EARNS-VISA; OIL PRICES; WALL STREET

TOP STORIES:

HOUSING REBOUND

GRAND RAPIDS, Mich. â¿¿ Many Americans, having seen home prices rebound, are finally ready to buy. Yet they're running into an obstacle that's keeping the national housing recovery in check: There aren't enough homes for sale. The housing shortage in Grand Rapids, Mich., is fairly typical of the country. Like many other places, Grand Rapids never experienced the oversupply or the price collapse that marked the recent boom and bust. Yet it, too, was affected. Prices fell. Homeowners lost equity. And now, many remain unable or unwilling to sell just as ordinary Americans want to buy again. By Business Writer Scott Mayerowitz.

AP photos.

FEDERAL RESERVE

WASHINGTON â¿¿ The Federal Reserve stands by its aggressive efforts to stimulate the economy and reduce unemployment. And it sends its most explicit signal to date that tax increases and spending cuts that kicked in this year are slowing the economy. "Fiscal policy is restraining economic growth," the Fed says in a statement after a two-day policy meeting. By Economics Writer Martin Crutsinger.

With:

â¿¿ FEDERAL RESERVE-COMPARING STATEMENTS â¿¿ A look at how the Fed's views have changed on the US economy and its bond purchase program.

AUTO SALES

DETROIT â¿¿ U.S. auto sales hit a six-year high in April. While Detroit's pickups led the way, sales were strong for all kinds of vehicles, from the tiny Honda Fit to the Ford Escape SUV. Buoyed by a soaring stock market, low interest rates and a revival of the housing sector, American consumers and businesses are shrugging off some mixed economic signals and replacing their aging cars and trucks. By Auto Writers Tom Krisher and Dee-Ann Durbin.

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