U.S. employment growth likely rebounded from a 17-month low in March as milder w...
WASHINGTON - U.S. employment growth likely rebounded from a 17-month low in March as milder weather boosted activity in sectors like construction, which could further allay fears of a sharp slowdown in economic growth in the first quarter.
The Labor Department’s closely watched monthly employment report on Friday would follow on the heels of fairly upbeat construction spending and factory data that led Wall Street banks to boost their growth estimates for the first quarter. The economy has shifted into lower gear as stimulus from the Trump administration’s $1.5 trillion tax cut package as well as increased government spending fades. A trade war between Washington and Beijing, and slowing global growth have also taken a toll on the economy, which in July will celebrate 10 years of expansion, the longest on record.
That would keep the annual increase in wages at 3.4 percent, the biggest gain since April 2009. Strong wage growth could boost confidence that consumer spending would accelerate and support the economy, after consumption stalled in January.The scarcity of workers is driving up wages. The unemployment rate is forecast unchanged at 3.8 percent in March, close to the 3.7 percent that Federal Reserve officials project it will be by the end of the year.
The U.S. central bank last month suspended its three-year campaign to tighten monetary policy, dropping projections for any interest rate hikes this year after increasing borrowing costs four times in 2018.
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