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 14 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 1 a.m. ET: 31,245,797 — Total deaths: 963,693— Total recoveries: 21,394,593Map.
  2. U.S.: Total confirmed cases as of 1 a.m. ET: 6,856,884 — Total deaths: 199,865 — Total recoveries: 2,615,949 — Total tests: 95,841,281Map.
  3. Health: CDC says it mistakenly published guidance about COVID-19 spreading through air.
  4. Media: Conservative blogger who spread COVID-19 misinformation worked for Fauci's agency.
  5. Politics: House Democrats file legislation to fund government through Dec. 11.
  6. World: U.K. upgrades COVID alert level as Europe sees worrying rise in infections — "The Wake-Up Call" warns the West about the consequences of mishandling a pandemic.

Texas and Louisiana face fresh flood threat from Tropical Storm Beta

Tropical Storm Beta slowly approaching the Texas coast on Monday. Photo: National Weather Service/Twitter

Tropical Storm Beta crossed the Texas coast near the southern end of the Matagorda Peninsula late Monday, the National Hurricane Center said, bringing with it the risk of "life-threatening storm surge" and flooding to parts of Texas and Louisiana.

What's happening: Texas Gov. Greg Abbott (R) made a disaster declaration and Louisiana Gov. John Bel Edwards (D) declared a state of emergency, as the states began feeling the impact of the slow-moving storm — which was causing coastal flooding along the bays near Houston and Galveston in Texas, and the Gulf of Mexico Monday, per the National Weather Service.

Louisville police declare state of emergency as Breonna Taylor decision looms

A demonstrator holds up a sign of Breonna Taylor during a protest in Louisville, Kentucky. Photo: Brandon Bell/Getty Images

The Louisville police chief declared in a memo obtained by news outlets a "state of emergency" for the department on Monday to prepare for Kentucky Attorney General Daniel Cameron's expected announcement on the Breonna Taylor case.

Of note: Louisville has witnessed more than 115 days of protests over the police killing of Taylor, an unarmed Black woman, with calls for all the officers involved to be charged.

Get Axios AM in your inbox

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Please enter a valid email.

Subscription failed
Thank you for subscribing!