Economy adds 164K jobs in April, unemployment lowest since 2000

In April, average hourly earnings were up 2.6 percent for the year

The U.S. economy added 164,000 jobs in April, a modest number which was less than expected as the nation’s labor market maintains a steady pace of growth.

The unemployment rate fell to 3.9 percent, the lowest level since December 2000, the Labor Department reported on Friday.

Expectations were for an April gain of about 190,000 jobs.

Jobs growth is expected to slow down somewhat as the labor market tightens and the unemployment rate drops into rarely seen 3-percent range.

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