Data coming out of the Department of Labor on Thursday shows that unemployment fell to its lowest level since 1988, denoting a strong job market and revealing that after the worst recession in decades, Americans are finally recovering.
According to the numbers, people collecting jobless benefits fell by 22,000 to 1.9 million in early May, and the average number of people receiving unemployment benefits over the past month has dropped to its lowest level since 1974.
Hiring trends have been tapering off in the past few years, but the U.S. economy is reported to be “adding roughly twice as many jobs as necessary to absorb new entrants into the labor force and keep downward pressure on the unemployment rate,” according to a report in Market Watch.
Initial jobless claims have also plummeted this week, signaling that the economic recovery is finally taking hold since the recession was declared ended eight long years ago.
In a run that hasn’t been seen since the early 1970s, applications for unemployment benefits have continued to drop for 115 straight weeks, and the monthly average of jobless claims, which is usually a more stable number, fell slightly.
However, growing concerns about President Trump’s future and whether he will be able to deliver on his pro-growth agenda have caused U.S. stock futures to drop a bit on the Dow Jones Industrial Average.
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BREAKING: Stock market tanks on Trump concerns