The US economy’s first-quarter report card and separate assessments of labor costs, spending and inflation in coming days are projected to keep the Federal Reserve tilted toward another interest-rate hike next week.

The data are likely to present a picture of an economy that started the year strong — driven largely by a January surge in consumer spending — before losing momentum. Inflation, however, will still be roughly double the Fed’s target, underpinned by resilient demand for services and strong wage growth.

The reports surface less than a week before Fed policymakers meet on May 2-3 to consider another ...

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