Equity investors loved Friday morning’s jobs report for April, lifting share prices sharply across the board. Job growth for the month fell below expectations, but maybe Mr. Market looked at the details and saw the broader reality of an increasingly tight labor market that suggests business confidence in continuing economic growth. A couple of key figures that haven’t received much attention are worth noting.
Republican politicians pointed to the decline in the overall jobless rate to 3.9% after six months of 4.1%. But this...