Spring Has Sprung

Over the last few months some economists were concerned that the spate of weaker data was a harbinger of an imminent downturn in the economy. It turns out it was mostly the winter after all. Payrolls were up 192,000 in March and upward revisions added another 37,000, adding up to a respectable gain of 533,000 in the first quarter, even with the cold winter. The unemployment rate was unchanged for the month at 6.7%, a cycle low. And average hourly earnings up 2.2% compared to a year ago and trending up. There is still more to go before the labor market is back to normal, but at least the direction is still right.Image

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