> (email exchange)
> Bottom line: Weak report. Critical for us is the downward revision to the prior months avg
> weekly earnings which was a driver of spending in Q1. The MArch number held up, but all in,
> this report should drive home for folks that the Q1 spending outcome (likely near 3%), is
> not going to come close to holding up in Q2. At this point we have Q2 spending coming in
> at 1.5%.
> The decline in the U-rate was entirely a function of the labor force falling rather sharply
> (so dismiss the decline in the u-rate)
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