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There was no recession last year, but the widespread expectation of one depressed certain economic activities, like hiring. With that depressant now lifted, several labor market indicators shot to record highs in March. … Consumer spending has been strong, especially by Baby Boomers and especially on services, keeping demand for service workers robust. Strong employment and wage growth in turn have boosted consumer spending. … Real average hourly earnings has resumed its long-term uptrend after stagnating during the pandemic years. … Also: A look at recent years’ heavy influx of on-the-books foreign-born workers.
