Friday’s U.S. employment report came in strong, showing nearly 300,000 new jobs created during the month of April. The unemployment rate declined to 6.3 percent, a level not seen since September 2008. And while falling labor force participation, which I have written about previously, remains a concern, overall the announcement helps assuage concerns that the economic recovery is stalling out. What fundamental factors underlie the continuing improvement in the U.S. economy?
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