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Consumer confidence hit a one-year high in March, supporting optimism for labor market improvements and accelerated economic growth in the coming months.

Private payrolls rose by 517,000 in March according to ADP, the fastest pace since September. Hospitality led the way, with the battered sector adding 169,000 new workers.

The most recent 4-week average for jobless claims fell to its lowest level since March 2020, though new claims came in slightly higher than expected.

 

 

Home prices continue to accelerate at an alarming pace, up 11.2% year-over-year in January, according to Case-Shiller. That is the largest annual gain in nearly 15 years.

February home sales fell 0.5% below last year's level, though pending home sales fell more than 10% compared with January, as record low supply stifles the housing market.

Construction spending was down slightly in February, likely hurt by an unusually harsh cold snap this winter. Spending was still up 5.3% over February 2020.