U.S. job growth slowed more than expected in April and the increase in annual wages fell below 4.0% for the first time in nearly three years, but it is probably too early to expect that the Federal Reserve will start cutting interest rates before September as the labor market remains fairly tight.

Immigrant workers made up 18.6% of the workforce last year, a new record, according to Bureau of Labor Statistics data. Many of those workers are taking open positions in agriculture, technology and health care,

America's job market increasingly appears to be splitting into two tracks, economists say, alongside a steady demand for skilled workers and a flagging interest in hiring more "knowledge-based" professionals.