Winning Work

April’s employment numbers were good. The unemployment rate fell to 3.9%, its best rate since 12/00, and the broadest measure of unemployment fell to 7.8%, best since 12/01. Yet wage growth was unchanged from earlier months, easing fears of inflation. And, that’s surprisingly good because job growth of just 164,000, and the upward revision of 32,000 to just 135,000 for March, suggests a labor market slowly running short of workers.