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US Economy Creates 138,000 Jobs; Unemployment Rate Steady

The U.S. economy created 138,000 jobs in April, while the unemployment rate stayed at a low 4.7 percent.

Friday's report from the Labor Department also showed wages growing nearly four percent from the same period last year. That is the fastest growth in nearly five years.

Wage growth could raise inflation concerns, and may be discussed next week when U.S. central bank officials gather to discuss a possible interest rate hike. The U.S. Federal Reserve has been trying to fend off inflation by steadily raising interest rates.

Fed officials may also consider data in this report showing the economy created far fewer jobs than economists predicted, a possible sign that the economy is cooling which could ease inflation.

Some information for this report was provided by AFP and AP.