U.S. gains 164000 jobs in April; unemployment falls to 3.9%

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"Sooner or later, we're going to be running out of workers if the recovery continues, and that will put more upward pressure on wages", Krueger, a Princeton University professor, said on Bloomberg Television.

Mickey Levy of Berenberg Capital Markets called the jobs report a "mixed bag", but said the unbroken string of hiring was "impressive". The rate for African-Americans - 6.6 percent - is the lowest on record since 1972. It was the second straight monthly drop in the participation rate.

President Donald Trump's tweet told the story: "4% is broken!"

FOX Business' Susan Li and Vision 4 Fund Distributors' Heather Zumarraga discuss the April jobs report and the decline in the unemployment rate. Even so, workers in the private sector during the first three months of 2018 enjoyed their sharpest average income growth in 11 years, the Labor Department said last week in a separate report on compensation.

Before that, less than one-third of the months between 1948 and January 1970 saw lower or equivalent rates, according to the Bureau of Labor Statistics. "That hasn't been done in a long time. we're at full employment". More than 3.1 million jobs have been created since President Trump was elected, including 316,000 new manufacturing jobs and 363,000 new construction jobs. For prime-age workers, or people in the age group of 25 to 54, it dipped to 82 percent from 82.1 percent, led by a drop among women. "Slack is getting absorbed" but "the process of that translating into faster wages has been slow". The unemployment rate for black workers, for example, has consistently hovered well above the rate for white workers, even as employers complain loudly about a labor shortage in sectors like construction and trucking.

Inflation is flirting with the Fed's 2 percent target.

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The U.S. central bank on Wednesday left interest rates unchanged and said it expected annual inflation to run close to its "symmetric" 2 percent target over the medium term.

The U.S. Labor Department cited better-than-average unemployment claims in ME and Colorado as a mark of the strong numbers.

Although some businesses say the lack of available talent thwarts their growth, the US has experienced a steady hiring streak this year, adding an average of 202,000 new positions each month.

In Alaska, March was the 29th consecutive month of job losses recorded by the State Department of Labor and Workforce Development.

Payrolls for temporary help, seen as a harbinger of future permanent hiring, rose by 10,300 after falling by 2,100 in March. But auto manufacturing, government and wholesale trade all shrank. "3.9% Unemployment. 4% is Broken!" he said on Twitter.

Becky Barr, head of data insights at Adzuna.com, a jobs site, said health care is driving much of the trend, with openings up 37 percent in the past four months (268,610).

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