Unemployment Rate Drops to 17-Year Low, Economy Adds 164,000 Jobs

| MAY 4, 2018 | 2:35 PM

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The Trump administration woke up to good news on Friday morning with the unemployment rate dropping to 3.9 percent, the lowest its been since 2000.

According to the Bureau of Labor Statistics, the U.S. economy added 164,000 jobs in April and hourly wage rose by 2.6 percent year-over-year.

Jobs numbers for March were revised up to 135,000 jobs instead of the previously reported 103,000. However, hiring in April fell short of the projected 192,000 jobs added, according to economists surveyed by Reuters.

April's unemployment drop from March's 4.1 number marks the lowest jobless rate since the Clinton administration. It also suggests the economy could be on its way to hitting the Fed's 3.8 percent forecast by the end of 2018.

However, the U.S. jobs participation rate remains in the 60s, falling to 62.8 in April from 62.9 percent in March. Also, 236,000 people left the labor force last month.

Average hourly earnings increased by 4 cents, resulting in a 2.6 percent annualized gain, which comes in slightly under predictions. 

President Donald Trump took to Twitter shortly after the numbers were released to celebrate the news, while also seemingly taking another jab at the ongoing Russian investigation.

While the president's orbit has been filled with controversy this week after it was revealed that he repaid his lawyer for a payment to porn star Stormy Daniels, Trump has also made strides in other areas.

The president's approval rating hit an 11-month high this week, with 42 percent of Americans saying they approve of the job he's doing in the White House.

Trump has also been praised for his role in North Korea's turn around on denuclearization and last weeks historic summit between the Kim Jong Un-led nation and South Korea, which saw both countries making a peace pledge. 

In another victory for the president, North Korea has also reportedly agreed to release three American detainees.