The number of people employed in the US climbed by 211,000 in March, pushing down the jobless count and reinforcing confidence in the health of the economy.
. . .
Economists at the Federal Reserve and in the private sector have expressed concerns that inflation may start to climb as the economy runs out of spare capacity. But so far there are few signs that the falling unemployment rate is leading to an unacceptable acceleration in wage growth.
The unemployment rate is now below 4.7% (in fact the exact figure was 4.654 per cent).
A new Fed report (pdf file) shows that, contrary to what Paul Krugman would want you to believe,
the low level of the participation rate is not artificially masking the extent of unemployment . . . so that the unemployment rate is providing a reasonably accurate picture of the state of the labor market.
(see page 58 in the pdf file)
In prior years:
Hat tip: Dr. Sanity