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Economy adds 164K jobs in April

The U.S. economy added 164,000 jobs in April, a modest number that 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, from 4.1 percent in March, where it had held for six months, the Labor Department reported on Friday.

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

With a tightening labor market, job growth is expected to slow down somewhat as the unemployment rate drops into the rarely seen 3 percent range.

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