U.S. adds 263,000 jobs in April as unemployment hits near 50-year low

The U.S. economy added 263,000 jobs in April, blowing past the 180,000 economists were expecting, the Labor Department said on Friday, while the unemployment rate dropped from 3.8% to 3,6% — the lowest since December 1969.

The big picture: Average hourly wage growth rose 3.2% on an annual basis, which is somewhat slower than before. That's not great for workers, but it could be a sign that there's still slack in the labor market and room for more job growth.

University of Michigan economist Justin Wolfers:

Bloomberg:

The surprising overall robustness ... follows months of broad labor market strength. While the expansion is poised to become the nation’s longest on record at midyear, economists expect a deceleration this year even after a strong first quarter.