""Jobs may be a bit modest when we look out over the last couple of years, but pay is telling a different story - that there is still a little bit of tightness in this labor market," ADP chief economist Nela Richardson told reporters Wednesday morning."
""Pay growth continues to be solid and that is good support for workers generally," she said."
""Consumers faced new headwinds in March that make the outlook for personal consumption in the coming months cloudy.""
""Gasoline prices rose steadily over the course of the month, from just under $3 to more than $4 a gallon.""
Retail sales rose by 0.6% in February, indicating a recovery from January's slump. Core control sales increased by 0.5%, adjusted for inflation. Strong sales were noted in discretionary categories like auto dealers and apparel. Private employment saw a rise of 62,000 in March, marking solid job creation. Manufacturing activity expanded for the third consecutive month. Despite modest job growth, pay growth remains strong, indicating tightness in the labor market. However, rising gasoline prices and a volatile stock market present challenges for future consumer spending.
Read at Axios
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