Thanks Stormy! Not even CNN can spin this.
The unemployment rate dropped below 4% in April for the first time since 2000. The Labor Department reported Friday that it fell to 3.9% — inching closer to territory not seen in half a century.
Employers added 164,000 jobs, slightly below what economists were expecting but better than a comparatively sluggish March.
The report indicates another month of solid job growth for an economy that has been expanding for almost nine years — the second-longest streak on record.
Business would be adding even more jobs if they could find the workers they want. There are more than 6 million unfilled job openings in the United States, near a record. The number of people quitting jobs is also historically high, as people leave for better jobs.
"The employment situation continues to surprise everyone," said Robert Frick, chief economist with Navy Federal Credit Union. "Getting down to 3.9 is quite a marker."