Unemployment dips to lowest rate since 2000

The US economy added 164,000 jobs in April. Unemployment dropped to 3.9%, the lowest since December 2000. CNNMoney's Christine Romans reports.

Posted: May 4, 2018 10:29 PM
Updated: May 4, 2018 10:29 PM

Apple and a solid jobs report lifted stocks on Friday.

The Dow gained 332 points, and all but one of the 30 companies in the index finished higher. The Nasdaq climbed 1.7%, and the S&P 500 moved ahead 1.3%. Stocks finished mixed for the week.

Apple rose 4% to an all-time high after Warren Buffett revealed that Berkshire Hathaway bought about 75 million shares during the first three months of 2018. The stock had its best week since 2011.

Apple rewarded investors this week with plans to buy back $100 million worth of stock. That's on top of the company's record $22.5 billion worth of buybacks during the first quarter. Those announcements overshadowed slower iPhone sales.

Related: Warren Buffett just bought a ton more shares of Apple

The market climbed most of the day after the jobs report, which showed that wages grew 2.6% from a year earlier — not fast enough to trigger worries about inflation. In February, the market plunged when wages rose faster than expected.

The economy added 164,000 jobs in April, lower than expectations. Unemployment fell below 4% for the first time since 2000.

Related: Unemployment is below 4% for the first time since 2000

The report fell right in the "Goldilocks" zone — an economy that is neither too hot or too cold, Russell Price, senior economist at Ameriprise Financial, said in an email. Counting Labor Department revisions for February and March, the United States has added an average of 208,000 jobs a month over the past three months.

The wage number also leaves investors slightly more optimistic that the Federal Reserve will take a dovish approach to raising interest rates. The Fed is on high alert for inflation signals, and Wall Street is debating whether it will hike rates two or three more times in 2018.

"The economy's odds of overheating seem to be diminishing," Price said.

—CNNMoney's Matt Egan contributed to this report.

Minnesota Coronavirus Cases

Data is updated nightly.

Confirmed Cases: 41571

Reported Deaths: 1537
CountyConfirmedDeaths
Hennepin13328790
Ramsey5169232
Dakota265596
Stearns249619
Anoka2393111
Nobles16846
Olmsted125920
Washington125541
Mower9822
Rice8798
Scott8584
Clay61238
Kandiyohi5901
Blue Earth5632
Wright5285
Carver4691
Todd4022
Sherburne3625
Lyon3332
Freeborn3120
Watonwan2670
Steele2451
Benton2363
St. Louis22316
Nicollet20312
Martin1755
Cottonwood1420
Winona14115
Goodhue1408
Le Sueur1251
Crow Wing11312
Pine1120
Otter Tail1111
Chisago1071
McLeod1000
Dodge960
Carlton900
Polk883
Unassigned8838
Isanti810
Chippewa801
Waseca770
Murray730
Itasca7112
Douglas700
Pipestone694
Morrison641
Becker620
Meeker621
Faribault610
Sibley582
Jackson570
Pennington530
Beltrami470
Brown442
Mille Lacs392
Wabasha380
Renville372
Fillmore350
Rock340
Swift331
Houston320
Yellow Medicine310
Grant250
Roseau250
Redwood230
Wilkin223
Koochiching211
Norman210
Cass192
Big Stone170
Kanabec171
Lincoln170
Wadena170
Aitkin150
Marshall130
Pope130
Clearwater120
Stevens110
Hubbard100
Mahnomen101
Lake60
Traverse60
Lac qui Parle50
Red Lake40
Kittson20
Cook10
Lake of the Woods00

Iowa Coronavirus Cases

Data is updated nightly.

Confirmed Cases: 34564

Reported Deaths: 747
CountyConfirmedDeaths
Polk7332184
Woodbury332944
Black Hawk249259
Buena Vista173711
Johnson14268
Dallas138531
Linn138183
Marshall109219
Scott103110
Dubuque94023
Story8575
Pottawattamie82112
Wapello71431
Muscatine68745
Crawford6803
Sioux5010
Tama48329
Wright3971
Louisa36513
Webster3655
Plymouth3465
Jasper34417
Warren3191
Dickinson2993
Cerro Gordo2841
Washington2519
Hamilton2011
Boone1681
Clay1491
Clarke1433
Allamakee1384
Clinton1321
Shelby1200
Mahaska11917
Carroll1131
Poweshiek1128
Bremer1107
Pocahontas1071
Franklin1040
Des Moines1002
Cedar951
Emmet950
Henry933
Hardin900
Cherokee831
Floyd812
Taylor810
Marion800
Monona780
Benton751
Guthrie754
Jones710
Butler682
Osceola680
Sac680
Buchanan631
Calhoun632
Iowa631
Jefferson620
Hancock601
Harrison600
Humboldt601
Fayette570
Jackson570
Lyon570
Delaware561
Madison552
Lee542
Monroe527
Palo Alto510
Clayton503
Grundy470
Mills470
Winneshiek460
Mitchell440
Davis421
Kossuth410
Union380
Howard370
Lucas354
Unassigned350
Winnebago340
Greene300
Chickasaw290
Cass280
Ida230
Keokuk231
Worth220
Appanoose213
Page210
Van Buren210
Audubon181
Adair170
Ringgold161
Decatur130
Montgomery122
Wayne110
Fremont100
Adams80
Rochester
Clear
63° wxIcon
Hi: 80° Lo: 59°
Feels Like: 63°
Mason City
Clear
63° wxIcon
Hi: 83° Lo: 59°
Feels Like: 63°
Albert Lea
Clear
64° wxIcon
Hi: 81° Lo: 60°
Feels Like: 64°
Austin
Clear
64° wxIcon
Hi: 82° Lo: 60°
Feels Like: 64°
Charles City
Clear
63° wxIcon
Hi: 82° Lo: 60°
Feels Like: 63°
Severe Thunderstorm Watch Until 8 P.M.; Sunday looks great
KIMT Radar
KIMT Eye in the sky

Latest Video

Image

Dave Main 10p Wx

Image

Virtual campaigning during pandemic

Image

Former NIACC coach Travis Hergert back in big league camp with the Phillies

Image

New ICE guidelines causing concern for international students

Image

Dave Main 6p Weather 7/11

Image

Connecting with a loved one with dementia during the pandemic

Image

Bruins set to host all-star game

Image

COVID-19 Cases Expected to Spike in North Iowa

Image

Training hard for a season that might not happen

Image

Sean's 6pm Weather 7/10

Community Events