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The number of Americans filing new claims for unemployment benefits rose to its highest level in four months last week, suggesting the labor market recovery lost some steam in March.

Private employers added 158,000 jobs in March, the smallest gain in five months and falling short of economists' expectations, a report by a payrolls processor showed on Wednesday. Economists surveyed by Reuters had forecast the ADP National Employment Report would show a gain of 200,000 jobs.

Teenagers looking to make some money this summer could have an easier time finding a job than in recent years, if the economic momentum of the last few months holds up. That would be a welcome turn of events for the youngest generation of workers, who have had an incredibly tough time finding work after so many years of a weak economy.

Italian President Giorgio Napolitano expressed despair on Tuesday at fierce criticism of his latest plan to end a post-election deadlock that has raised fears of months of instability in the euro zone's third largest economy.

Unemployment in the euro zone rose to yet another record high in the first two months of the year, official data showed Tuesday, providing confirmation that the economy remains in a deep freeze.

Consumer spending rose in February and sentiment among Americans perked up this month, further signs of an acceleration in economic activity in the first quarter after a near stall in late 2012.

The U.S. economy grew at a slightly faster but still anemic rate at the end of last year. However, there is hope that growth accelerated in early 2013 despite higher taxes and cuts in government spending. The Commerce Department says the economy grew at an annual rate of 0.4 percent in the October-December quarter. That was slightly better than the previous estimate of 0.1 percent growth. The revision reflected stronger business investment and export sales.

The number of Americans seeking unemployment benefits jumped by 16,000 last week, the second straight weekly increase. But the longer-term trend in layoffs remained consistent with an improved job market.

Leaders of the five BRICS nations fueling global economic growth plan the creation of a development bank in a direct challenge to the World Bank that they accuse of Western bias.

Consumer confidence tumbled in March as Americans turned more pessimistic about economic prospects in the short term, according to a private sector report released on Tuesday.