Wealth Consulting Group CEO on State of Economy Following March Jobs Report
Wealth Consulting Group CEO Jimmy Lee joined Cheddar News this week to discuss the state of the economy after the Labor Department's March jobs report. The update showed that hiring slowed last month but according to Lee, the economy is still strong. "The consumer is still spending," he said. "We're starting to see some of the effects of higher interest rates and its going to hit earning a little bit for stocks but I think that it's going to be until probably summer time when the consumer really gets tested."
Stocks opened higher Thursday boosted by higher-than-expected earnings from Salesforce and as Wall Street looks to extend a late-summer winning streak.
The Biden administration will propose a new rule Wednesday that would make 3.6 million more U.S. workers eligible for overtime pay, reviving an Obama-era policy effort that was ultimately scuttled in court.
