WASHINGTON _ The labor market improved somewhat last month, adding a solid 164,000 net new jobs while the unemployment rate fell below 4 percent for the first time since 2000, the Labor Department said Friday.
But while job growth rebounded from a disappointing March figure that was revised up Friday to 134,000, other aspects of the closely watched monthly report were lackluster.
Overall, the data show a labor market that remains resilient in the face of a potential global trade war but is slowing as the recovery from the Great Recession this month became the second-longest in U.S. history.
The April job gains were below analyst expectations of about 195,000. Still, with upward revisions of a total of 30,000 for February and March, job growth has averaged 200,000 a month this year _ well above what's needed to accommodate new entrants to the workforce
The 3.9 percent unemployment rate in April set a new post-recession low. But a big reason it dropped from 4.2 percent in March was because the labor force shrank by 236,000 people.
Wage growth, which economists have said should pick up as the labor market tightens, slowed in April in a discouraging sign for workers.
Average hourly earnings increased 4 cents to $26.84 after a 6-cent increase in March. Despite that decline, annual wage growth held steady at 2.6 percent for the 12 months ended April 30.
Federal Reserve policymakers have been concerned that faster-rising wages as employers face increasing competition for workers would lead to significantly higher inflation. But Friday's data should ease those concerns for now.
