Unemployment rate hits 3.9 percent, lowest since 2000

Non-farm payrolls increased by 164000 in April, vs 192000 jobs expected

"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", Alan Krueger, a Princeton University professor, said on Bloomberg Television. The biggest gains were in professional/business services (up 44,000 jobs) and trade/transportation/utilities (up 40,000 jobs), it said.

But 236,000 people left the labour force in April, adding to the 158,000 who quit in March.

"I don't think this report changes anything with the Fed", said Harm Bandholz, chief US economist at UniCredit Bank AG.

President Trump celebrated the report.

Economists had expected payroll growth of 192,000 and the jobless rate to drop by one-10th of a percent to 4%.

Average hourly pay for all employees on private nonfarm payrolls increased by 4 cents, to $26.84.

"It's a Groundhog Day kind of employment report", said Michael Gapen, chief US economist at Barclays PLC, referring to the film where actor Bill Murray's character must relive the same day over and over.

Sluggish wage growth and a slowdown in hiring threaten to undercut the Trump administration's argument that its $1.5 trillion income tax cut package, which came into effect in January and is highlighted by a sharp drop in the corporate income tax rate, would boost wages and hiring. "That hasn't been done in a long time. we're at full employment". Wages dropped 4.7 percent.

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In 1970, midway through President Richard Nixon's administration, crude oil cost $3.18 a barrel - the highest price in almost a century, according to the U.S. Energy Information Administration.

The Fed's preferred inflation measure, the personal consumption expenditures price index excluding food and energy, was up 1.9 percent year-on-year in March after a 1.6 percent rise in February.

Inflation is closing in on the Federal Reserve's 2% target, gasoline is heading toward $3 a gallon, and companies have been reporting cost pressures, which could force them to raise prices. "The outlook for rates is heavily dependent on expectations for inflation, which in term are influenced by wages".

This number has been declining in recent years-a hint that more people who had given up on finding a job are now trying again and succeeding.

Unemployment in the United States fell to a fresh 17-year low in April amid steady hiring, welcome news for the White House that also could increase the chance of faster interest rate hikes. Over the three months through April, job gains have averaged 208,000 per month.

Wholesaler and government were the only sectors to shed jobs.

Mining employment increased by 8,000 jobs during the month, but employment was little changed in construction, retail and wholesale trade, transportation and warehousing, financial activities and government, the BLS said. "3.9% Unemployment. 4% is Broken!" he said on Twitter.

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