America’s employers extended a streak of robust hiring in March, a sign of the economy’s resilience in the face of a still-destructive pandemic and the highest inflation in 40 years.
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.Still, the job market has continued to rebound with unexpected speed from the coronavirus recession. Job openings are at a near-record level, and applications for unemployment benefits have dropped to near their lowest point since 1969.
As the pandemic has eased, consumers have been broadening their spending beyond goods to services, such as healthcare, travel and entertainment, which they had long avoided during the worst of the pandemic. The result: Chronically high inflation is causing hardships for many lower-income households that face sharp price increases for such necessities as food, gasoline and rent.
Squeezed by inflation, some consumers are paring their spending. The Commerce Department reported Thursday that consumer spending rose just 0.2%% in February — and fell 0.4% when adjusted for inflation — down from a 2.7% increase in January.
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