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By Kristin Myers, Editor-in-Chief

What's Happening Today

Good morning! It's Kristin with your daily morning digest.

Private U.S. employers added 455,000 jobs in March, according to the latest ADP National Employment Report. Though the number was lower than February's upwardly revised gain of 486,000, it was still higher than the 450,000 economists expected, and could provide a sneak peek at what we might expect on Friday, when the government releases its employment report for March.

Friday's report will be watched particularly closely as the strength of the labor market represents a key part of the Federal Reserve's rationale for potentially more aggressive interest rate hikes to fight inflation. So if March's figures are strong, the central bank could choose to raise rates higher and faster than previously anticipated. Tomorrow, we'll also get an update on the Fed's preferred measure of consumer inflation, the personal consumption expenditures (PCE) price index, from the Bureau of Economic Analysis.

There's some good news for Americans saving for retirement: Yesterday, the House passed a new bipartisan bill that will raise contribution limits for older workers and allow retirees to delay the age at which they must make withdrawals. Currently, people in the U.S. with a 401(k) must withdraw money from the account at the age of 72. This new bill would raise that limit to 75, allowing people to develop a larger nest egg for their retirement.

Data shows that many people in the U.S. are not on track and feel unprepared for retirement, so this bill could help people accumulate a healthy amount of savings to rely on as they age.

- Kristin

Editors' Picks

US Continues to Add Private-Sector Jobs in February (The Balance)

64% of US Adults Want the Government To Tax the Rich (The Balance)

401(k) Savings Plans Get a Boost in Bipartisan Retirement Bill (The Wall Street Journal)

Interest Rate Inversions Reflect Questions About Economy's Health (Axios)

The Gender Wage Gap Could Cost Women Millions When They Retire (CNBC)

How To Contribute to a Roth IRA (The Balance)

Mistakes To Avoid With a CD (The Balance)

How Much Does the Average American Pay in Taxes? (The Balance)

Off the Charts

Maryland and Georgia have already enacted laws, while 16 other states—including California, Florida. and New York—are discussing some form of gas tax relief, according to a recent memo from the National Conference of State Legislatures. These include tax suspensions, tax reductions. and temporary freezes on planned taxes.

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Number of the Day

$138 - That's how much credit cardholders with the lowest credit scores paid in late fees in 2019—more than 10 times the average for those with the highest scores.

Season 2 of the "Money Confidential" podcast is back with "Taxes in Ten," a six-episode mini-season covering your top tax questions. Host and nationally recognized money expert, Stefanie O'Connell Rodriguez, is teaming up with The Balance's very own Editor-in-Chief, Kristin Myers, as well as Caleb Silver, Editor-in-Chief of Investopedia, to talk about everything from doing your own taxes to the specific tax considerations of different life stages. You can listen now to "Taxes in Ten."