Data: Bureau of Labor Statistics; Chart: Axios Visuals
The U.S. economy added 263,000 jobs in April, blowing past the 180,000 economists were expecting, the Labor Department said on Friday, while the unemployment rate dropped from 3.8% to 3,6% — the lowest since December 1969.
The big picture: Average hourly wage growth rose 3.2% on an annual basis, which is somewhat slower than before. That's not great for workers, but it could be a sign that there's still slack in the labor market and room for more job growth.
University of Michigan economist Justin Wolfers:
How to interpret all this?
— Justin Wolfers (@JustinWolfers) May 3, 2019
The current pace of jobs growth is similar to that over a long run of years, so not spectacular.
But that the economy can continue to add jobs at this rate even as unemployment plumbs new lows is pretty fantastic.
The surprising overall robustness ... follows months of broad labor market strength. While the expansion is poised to become the nation’s longest on record at midyear, economists expect a deceleration this year even after a strong first quarter.
