“As long as employment growth remains strong, it can underpin solid spending, however, consumers overall are not prepared for a weakening in the labor market should it unfold.”

Nationwide chief economist Kathy Bostjancic commented on the latest Personal Consumption Expenditures data showing that despite an uptick in inflation, consumer spending accelerated by 0.8 percent in February from 0.2 percent in January. Read the CNN article, “U.S. Inflation Ticked Higher Last Month, Reversing Some Recent Progress.”