The US unemployment rate fell to an historic low last month, according to government figures, prompting a plunge in bond prices during a holiday-shortened trading session on Wall Street. Investors discarded speculations that the Federal Reserve would be forced to cut interest rates after figures showed employers created far more jobs than Wall Street anticipated last month, though the unemployment rate fell to 4.4 per cent to mark the lowest level in almost six years. The Labor Department reported that t he job market showed little sign of losing its vigor last month as wages climbed and job growth rose. However, the recent data has made it abundantly clear that, contrary to the widespread speculations, the overall labor market remains very strong despite weakness in some key sectors. As the job market has failed to cool down it threaten to activate concerns about wage inflation at the Federal Reserve. And these inflation uncertainties, in turn, are expected to lower any probability that the Fed will move to lower interest rates anytime soon. The recent data however, is expected to keep the Fed alert on inflation as the predominant risk. According to the official figures released recently, construction companies, after suffering heavy job losses in February in part following winter weather, bulked up in March. The construction sector has added 56,000 positions last month, the highest in just over a year. Retailers added almost 36,000 jobs last month. Education and health care services expanded employment by 54,000. Leisure and hospitality picked up 21,000 new jobs, whereas the government added 23,000. Analysts have projected that the economy will remain slow-moving in the months ahead. For the recently ended January-to-March quarter, some economist are believing that growth will come at close to 2 percent, which would represent a further slowing from the 2.5-per-cent growth rate reported in the final three months of last year. The fall in unemployment is just an indication that the demand for labor will remain robust. For the meantime, economists have said that the rise in wages should help keep consumer spending on track, a critical element that drives about two-thirds of economic activity.