The Labor Department reported this morning that there were 263,000 jobs created in April, well above the 180,000 - 200,000 range expected while February and March were revised modestly higher by a total of 16,000. The unemployment rate fell to 3.6%, the lowest since December 1969 while average hourly earnings rose 0.2% versus the 0.3% expected.
In addition, the year-over-year wage growth number was 3.2%, matching the March number. This number came in lower than expectations, so with it comes less inflation expectations. The Labor Force Participation Rate edged lower to 62.8%. Total unemployed or the U6 number remained at 7.3%. Overall a solid report with a Goldilocks scenario of strong job growth with subdued inflationary pressures from wages.