From the March payroll report:
INCOMES: A drop in the average workweek in March led to very little growth in the index of aggregate weekly payrolls for private-sector workers (which combines hiring, wages, and hours). The 12-month change ticked down to 3.9%

WAGES: Average hourly earnings growth for private-sector production and nonsupervisory work was soft in March, dropping the 12-month change to 3.4%, the lowest since the reopening from the pandemic in 2021.

UNEMPLOYMENT: At 4.256%, the U.S. unemployment rate continues to exhibit notable stability, fluctuating in a very tight range over the last two years after climbing from a low or 3.5% in 2023.
Permanent job loss edged down in March.


Wage data is actually quite good, which may provide some buffer against the impact of crude oil prices.
In reality, the employment situation isn't as good as it seems on the surface.
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