The U.S. government will issue the March jobs report at 8:30 a.m.
FILE IMAGE - A large"Now Hiring" advertisement is posted on the windows of the Advance Auto Parts store in Bay Shore, New York on March 24, 2022. America’s employers extended a streak of robust hiring in March, adding 431,000 jobs in a sign of the economy’s resilience in the face of a still-destructive pandemic and the highest inflation in 40 years.
Inflation may be starting to weaken consumer spending, the main driver of the economy. Americans increased their spending by just 0.2% in February, down from a much larger gain in January. But the recovery has been swift. Fueled by generous federal aid, savings amassed during the pandemic and ultra-low borrowing rates engineered by the Federal Reserve, U.S. consumers have spent so fast that many factories, warehouses, shipping companies and ports have failed to keep pace with their customer demand. Supply chains have snarled, forcing up prices.
Inflation has also eroded consumers’ spending power: Hourly pay, adjusted for higher consumer prices, fell 2.6% in February from a year earlier — the 11th straight month in which inflation has outpaced year-over-year wage growth. According to AAA, average gasoline prices, at $4.23 a gallon, are up a dizzying 47% from a year ago.
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