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Economy Gains 164,000 Jobs in April; Unemployment Little Changed at 3.9%

The U.S. economy gained 164,000 jobs in April, and unemployment was little changed at 3.9%, according to figures released this morning by the U.S. Bureau of Labor Statistics.

The pace of hiring is slowing. And as the labor force participation rate drops, economists worry that Americans are feeling less optimistic about their job prospects and are giving up their searches entirely.

This continues the recovery of the labor market at a tempered pace, which means the Federal Reserve’s Federal Open Market Committee should continue to let the economy grow and not raise interest rates. 

To boost hiring, President Donald Trump and Congress should commit to a multitrillion federal jobs and infrastructure package. 

In response to the April jobs numbers, AFL-CIO Chief Economist William Spriggs tweeted:

Over the year, average hourly pay is up 2.6%. This is in line with the report this week that compensation costs were up 2.7%. So, with theses modest numbers, and the slowdown in GDP for the 1st Quarter, @federalreserve interest rate hikes...