Unemployment Rate Drops to 17-Year Low, Economy Adds 164000 Jobs

President Trump gives a thumbs up to supporters at the Phoenix Convention Center during a rally in 2017 in Phoenix

Wages barely rose last month, which could ease concerns that inflation pressures are rapidly building up. Baby boomers, which today represent a third of the workforce, are retiring in droves, said Joe Brusuelas, chief economist at RSM, an global consulting firm. Earlier this week, the Fed opted not to lift rates, saying that inflation is close to the target and suggesting that there wasn't a need to interrupt their slow-but-steady approach.

The labor participation rate, the total number of people who are now employed or in search of a job, fell in April to 62.8%, the second straight monthly drop. The nursing and residential-care facilities sector lost 500 jobs in April, far fewer than the 3,700 the sector lost in March.

"It's a tight labor market and there's going to be pressure for employers to try to attract workers to their business, and at some point they're going to have to offer higher pay", said Dr. Gilsdorf. The rate had been at 4.1% for the past six months. Leisure and hospitality employers added 18,000 jobs last month.

The Labor Department says America's unemployment rate fell to 3.9 percent in April. The participation rate dipped for the second straight month to 62.8% in April, near to levels previously seen in the 1970s. However, hiring in April fell short of the projected 192,000 jobs added, according to economists surveyed by Reuters.

The closely watched average hourly earnings number rose by four cents, equating to a 2.6% annualized gain, a bit off the pace from the previous month.

After the jobs data, the 10-year Treasury yield eased to 2.935% while the 2-year yield, which more closely tracks Fed rate expectations, held around 2.49%.

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"I don't think this report changes anything with the Fed", said Harm Bandholz, chief USA economist at UniCredit Bank AG. "Analysts have been expecting wages to rise more rapidly, as the number of available workers shrinks".

Companies like Apple AAPL.O have used their tax windfall for share buybacks and dividends.

"I thought the jobs report was very good".

President Trump celebrated the report.

The U.S. must now be seen as operating at full employment.

Democrats, however, reiterated their criticism of the tax cuts, saying more than $390 billion in share buybacks had been announced since the passage of the tax bill.

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However mixed the blessing, Ms. Zentner said, the ever-tightening job market could soon force faster growth in paychecks.

The average workweek for all employees on private nonfarm payrolls was unchanged at 34.5 hours in April.

After three years of persistent job losses in Alaska, what do you think Alaskans should do to take control of their economy and grow jobs again? That's just slightly below the 68-year average of 63 percent.

The Federal Reserve is likely to view the stable rate of pay as a sign of support for its cautious strategy of raising US interest rates.

Economists interpreted symmetric to mean policymakers would not be too anxious with inflation overshooting the target.

The overall unemployment rate remained, as in recent months, the lowest since December 2000. An acceleration could force Fed officials to raise rates more aggressively, which would raise the cost of auto loans and credit card debt.

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"Despite rising trade tensions, more volatile financial markets, and poor weather, businesses are adding a robust more than 200,000 jobs per month".

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