Fresh data showed the US economy grew at a 2% annualized pace in the first quarter while core inflation rose 3.2% year-over-year in March as data shows a resilient, if uneven, recovery.

Economic growth came in a touch softer than expected, with the Commerce Department reporting a 2% annualized expansion in the first quarter — just below the roughly 2.2% to 2.3% pace economists had penciled in heading into the release.

The miss reflects more cautious consumer spending as households grapple with higher prices and the lingering effects of past interest rate hikes.

At the same time, a spike in energy costs tied to the Iran conflict squeezed purchasing power, taking some momentum out of the economy even as business investment and government spending helped keep growth firmly in positive territory.

That mix has kept the Federal Reserve on hold, with policymakers maintaining interest rates as they weigh a still-resilient jobs market against inflation that remains above their long-run target.

Initial jobless claims plunged to 189,000 last week — the lowest level since 1969 — as the labor market showed surprising strength even with inflation still running above the Federal Reserve’s target and growth moderating.

The Dow Jones Industrial Average surged more than 800 points, while the S&P 500 rose about 1% as investors bet the economy can continue growing without tipping into a downturn.

The rally came despite the softer GDP reading and sticky inflation, reflecting confidence that strong corporate earnings and a stable labor market can help sustain the expansion in the months ahead.

Still, some experts caution that the headline claims data may not capture the full picture of the job market.

Stephanie Alston, CEO of BGG Enterprises, told The Post that the decline in new unemployment filings “is a positive headline,” but warned it does not reflect workers who are underemployed, discouraged or no longer receiving benefits.

Continuing claims fell to 1.79 million, reinforcing a picture of a labor market where employers are largely holding onto workers despite lingering price pressures and slower headline growth.

Layoffs remain subdued even as hiring cools, with economists describing a “low-hire, low-fire” environment where companies are cautious about adding staff but reluctant to cut existing workers.

Job openings have drifted lower and labor turnover has slowed, pointing to a market that is stable but no longer booming.

The unemployment rate stood at 4.3% in March, while payrolls increased by 178,000, suggesting the labor market continues to expand at a steady — if less explosive — pace heading into the spring.

Wall Street cheered the broader picture, sending stocks sharply higher Thursday.

Alston added that some candidates — particularly at the executive and middle-management levels — are remaining unemployed for “12 to 13 months or longer.”

She added that falling continuing claims can sometimes reflect workers exhausting benefits rather than finding jobs, meaning some underlying weakness may not show up in the weekly data.