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Data: Bureau of Labor Statistics; Chart: Axios Visuals

The U.S. unemployment rate fell to to 3.9% in April, the first time it's fallen below 4% since December 2000. Economists expected a 4% drop.

The U.S. also added 164,000 jobs last month, up from 103,000 in March, but lower than the 192,000 consensus forecasted by economists.

Our thought bubble, per Axios' Dan Primack: Markets care more about the top-line number ... it was a relatively weak report.

More analysis:

The backdrop: The U.S. added 324k jobs in February, 135k jobs in March, and now 164k in April. University of Michigan professor Justin Wolfers tweeted that on average, this yields a job growth rate of 200k per month. "That's a very healthy rate."

Go deeper

Caitlin Owens, author of Vitals
20 mins ago - Health

The coronavirus is starting to crush some hospitals

Illustration: Aïda Amer/Axios

Some states are seeing dangerous levels of coronavirus hospitalizations, with hospitals warning that they could soon become overwhelmed if no action is taken to slow the spread.

Why it matters: Patients can only receive good care if there's enough care to go around — which is one reason why the death rate was so much higher in the spring, some experts say.

Scoop: The Lincoln Project is becoming a media business

Illustration: Eniola Odetunde/Axios

The Lincoln Project is looking to beef up its media business after the election, sources tell Axios.

Driving the news: The group recently signed with the United Talent Agency (UTA) to help build out Lincoln Media and is weighing offers from different television studios, podcast networks and book publishers.

Trump, Biden strategies revealed in final ad push

Data: Bully Pulpit Interactive; Chart: Danielle Alberti/Axios

President Trump is pouring hundreds of thousands of dollars into Facebook ads on the Supreme Court and conservative judges in the final stretch of his campaign, while Joe Biden is spending over a million on voter mobilization, according to an analysis by Axios using data from Bully Pulpit Interactive.

The big picture: Trump's Facebook ad messaging has fluctuated dramatically in conjunction with the news cycle throughout his campaign, while Biden's messaging has been much more consistent, focusing primarily on health care and the economy.