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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

15 mins ago - World

Iran's nuclear dilemma: Ramp up now or wait for Biden

Illustration: Annelise Capossela/Axios

The world is waiting to see whether Iran will strike back at Israel or the U.S. over the assassination of Mohsen Fakhrizadeh, the architect of Iran's military nuclear program.

Why it matters: Senior Iranian officials have stressed that Iran will take revenge against the perpetrators, but also respond by continuing Fakhrizadeh’s legacy — the nuclear program. The key question is whether Iran will accelerate that work now, or wait to see what President-elect Biden puts on the table.

Updated 1 hour ago - Health

U.K. first nation to clear Pfizer coronavirus vaccine for mass rollout

A health care worker during the phase 3 COVID-19 vaccine trial by Pfizer and BioNTech in Ankara, Turkey, in October. Photo: Dogukan Keskinkilic/Anadolu Agency via Getty Images

The United Kingdom's government announced Wednesday it's approved Pfizer-BioNTech's COVID-19 vaccine, which "will be made available across the U.K. from next week."

Why it matters: The U.K. has beaten the U.S. to become the first Western country to give emergency approval for a vaccine that's found to be 95% effective with no serious side effects against a virus that's killed nearly 1.5 million people globally.

3 hours ago - World

NYT: Biden won't immediately remove U.S. tariffs on China

President-elect Joe Biden during an event in Wilmington, Delaware, on Tuesday. Photo: Alex Wong/Getty Images

President Trump's 25% tariffs imposed on China under the phase one trade deal will remain in place at the start of the new administration, President-elect Biden said in an interview with the New York Times published early Wednesday.

Details: "I'm not going to make any immediate moves, and the same applies to the tariffs," Biden said. He plans to conduct a full review of the current U.S. policy on China and speak with key allies in Asia and Europe to "develop a coherent strategy," he said.