The April employment report was quite solid. The economy gained 177,000 jobs vs expectations of 133,000. The unemployment rate remained unchanged versus expectations of rising 0.1%, and a broader measure of unemployment fell from 7.9% to 7.8%. The participation rate rose from 62.5% to 62.6%, which is good except that it has been ranging between 62.4% to 62.7% for the past 15 months. Wages were a shade light, growing 0.2% month over month versus expectations of 0.3%. Wages also came in light on a year-over-year basis, rising 3.8% versus expectations of 3.9%. This is good news for the Fed since it would prefer not to see any inflationary pressures anywhere in the economy, but wage earners would surely like to see their wages rise as quickly as possible.