According to Reuters, fewer Americans filed for unemployment benefits last week, which dumbfounded analysts’ expectations.
As reported on Feb. 11, state unemployment benefit requests escalated to 5,000. In total, the Labor Department has received 239,000 so far this year.
But, initially, analysts had estimated claims would reach 245,000 by this point. Additionally, considering that claims have remained under the typical threshold of 300,000, experts say this is proof the labor market is growing stronger.
While many associate this trend with President Trump taking office, the Labor Department is claiming that no special circumstances are influencing last week’s results.
Notably, the report reveals people still receiving benefits after an initial week of aid dipped by 3,000 in the week ending Feb. 4.
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