Some good news. With this level of employment, I’m watching for the wage growth and the inflation that comes with it. We probably won’t see as much of that as we like until more people enter the workforce.
US jobs growth was slower than expected in April, as employers added 164,000 positions.
The unemployment rate nevertheless fell to 3.9%, the first time it has dipped below 4% since 2000.
The average hourly pay of private sector workers increased 2.6% year-on-year to $26.84 (£19.77).