Although Q1 GDP rose just 0.2%, the labor market continues to improve. First-time claims for unemployment were just 262,000 last week, the lowest level since 4/00, while the less volatile four-week moving average is at a level last seen in 6/00. Separately, wages and salaries for civilians increased 2.5% for the year ending 3/15, tops since Q4/08, and up from 1.6% a year ago. Wages are finally starting to rise!