US jobless rate hits 17-year low amid scarce labor

The US unemployment rate dipped below 4% for the first time since December 2000, likely making workers even harder to find

Unemployment in the United States fell to a fresh 17-year low in April amid steady hiring, welcome news for the White House that also could increase the chance of faster interest rate hikes.

Employers added a weaker-than-expected 164,000 new positions for the month while the jobless rate fell to 3.9 percent, its lowest level since December 2000. Unemployment among African-Americans fell to 6.6 percent, the lowest since such records began more than 46 years ago.