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Steven Senne/AP

The U.S. economy added 211,000 new jobs in April, while the unemployment rate fell to 4.4%, beating expectations of 190,000 jobs and a 4.6% unemployment rate.

Steady as she goes: The labor market has been remarkably consistent, averaging 200,000 new jobs per month for the past five years. That's more than enough job growth to consistently lower the unemployment rate, which has fallen from 8.2% in April of 2012 to 4.4% today.

Where's the wage growth? If you had told an economist five years ago that we would have experienced this type of steady job growth, he would have bet the farm that this dynamic would cause wages to rise faster than the 2.5% annual growth we're seeing today. The lack of fast wage growth takes pressure off the Federal Reserve to raise interest rates at a faster pace.

Wages grew 0.27% in April, and are up only 2.5% over the year. Despite 4.4% unemployment, we're still not seeing inflationary pressure. — Justin Wolfers (@JustinWolfers) May 5, 2017

Go deeper

Updated 3 hours ago - Politics & Policy

Omicron dashboard

Illustration: Shoshana Gordon/Axios

  1. Health: Coronavirus variant surveillance varies widely by state — Omicron cases confirmed in 5 U.S. states America probably won't lead the effort to understand Omicron.
  2. Vaccines: Omicron adds urgency to vaccinating world — Omicron fuels the case for COVID boosters — Moderna loses patent battles tied to COVID vaccine.
  3. Politics: Nevada to impose insurance surcharge on unvaccinated state workers — New Jersey GOP lawmakers defy statehouse COVID policy — Oklahoma sues Biden administration over Pentagon vaccine mandate — Omicron travel bans are sign of what's to come.
  4. World: WHO: Delta health measures help fight Omicron — COVID cases surge in South Africa in sign Omicron wave is coming — Germany approves new restrictions for unvaccinated people.
  5. Variant tracker: Where different strains are spreading.

Prosecutors charge parents of Michigan school shooting suspect

Photo: Scott Olson/Getty Images

The parents of a 15-year-old accused of killing four students and wounding seven other people at a Michigan high school have been charged with involuntary manslaughter, according to court documents.

Driving the news: James and Jennifer Crumbley were each charged with four counts of involuntary manslaughter.

3 hours ago - World

Putin to demand legal guarantee against NATO expansion in call with Biden

Biden and Putin meeting in Geneva in June. Photo: Mikhail Metzel\TASS via Getty Images

Russian President Vladimir Putin is demanding a legally binding guarantee that NATO will not expand east — including to Ukraine — and plans to raise the issue in an upcoming phone call with President Biden, according to the Kremlin.

Why it matters: Russia has massed more than 94,000 troops on the border with Ukraine and could be preparing for a large-scale invasion at the end of January, Ukraine's defense minister said Friday.