Help Wanted sign Companies in industries from services to manufacturing are hungry for workers, indicating hiring is likely to stay solid. (Photo: Shutterstock)

U.S. hiring rebounded in April and the unemployment rate dropped below 4 percent for the first time since 2000, while wage gains unexpectedly cooled, suggesting the labor market still has slack to absorb.

Payrolls rose 164,000 after an upwardly revised 135,000 advance, Labor Department figures showed Friday. The jobless rate fell to 3.9 percent, the lowest since December 2000, after six months at 4.1 percent. Average hourly earnings increased 0.1 percent from the prior month and 2.6 percent from a year earlier, both less than projected.

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