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Hiring picked up earlier in the year, but slowed in March and April, suggesting the economy's early-year momentum faded in early spring. Economists say a warm winter led employers to move up some hiring and accelerate other activity that normally wouldn't occur until spring. A clearer picture of the jobs market will emerge on Friday, when May employment figures are due out. The unemployment rate is expected to remain at 8.1 percent for May with an increase of 160,000 jobs, according to FactSet. That's above April's gains but below the growth pace set this winter. Adding to Americans' job woes, the stock market in May is on track for its worst month since last September. The S&P 500 is down 4.6 percent for the month. But on Tuesday, The stock market appeared to shrug off the report. The Dow Jones industrial average was up 110 points when the report was released at 10 a.m., and climbed 20 points higher after it came out. That indicates investors may be more confident in the economic recovery than consumers, said John Lonski, chief economist of Moody's. "Financial markets are giving short shrift to the drop in consumer confidence," Lonski said. Meanwhile, recent signs that an economic slowdown is spreading beyond Europe to fast-growing countries like China has raised fears that U.S. companies could pull back on hiring as demand weakens for their products. The housing market also is still weak, and many consumers are seeing their retirement plans shrink as stock prices fall. Conversely, shoppers are getting some relief at the gas pump. Gasoline has dropped 27 cents per gallon since early April. The national average was $3.67 per gallon as of the start of the Memorial Day weekend on Friday; some experts say it could fall as low as $3.50 by July 4.
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