Unemployment Rate Falls, Wage Growth Stalls
The unemployment rate fell to 5.4% last month after American employers added 223K jobs. The rebound from March's disappointing numbers—job creation numbers were revised downward to 85K from 126K—should help offset worries that the economy was slowing, in part thanks to news this week that GDP likely shrank in the first quarter. Wage gains continued to lag and inched up just 0.1% in April. The new Labor Department data bolsters the odds that the Federal Reserve will not raise interest rates next month as long expected and wait until at least September to increase borrowing costs.