The number of applications submitted for unemployment benefits has seen the biggest drop in almost two years, according to the Labor Department.
As of April 1, state unemployment benefits decreased by 25,000 to a seasonally adjusted 234,000.
The Labor Department said this is the most significant drop it has seen since April 25, 2015, with claims now below 300,000. These numbers fall in line with the 109th straight week of what reports call a “healthy labor market.”
The Labor Department says the labor market is currently near full employment.
The March employment report was not included in Thursday’s claims report but is scheduled to be released on Friday. Claims increased in March’s non-farm payrolls, indicating the employment rate may slow down since it has surged in recent months.
The Labor Department’s claims report also showed the number of people receiving benefits after an initial week of aid decreased by 24,000 to 2.03 million in the week ending March 25.
The unemployment rate is currently at 4.7%.
"BUILD THE WALL" bumper stickers now on sale. (BUY NOW)
If you would like to receive Breaking News text alerts on a smartphone or tablet, download the DML APP which is completely FREE and easy to use. Go to the Google Play Store or the IOS App Store and search for DML APP. Be sure to keep the app’s notifications setting on. Another way to receive alerts is to text to 40404 the following message: follow @realdennislynch (be sure to put a space between the word follow and the @ symbol).
To see more stories like this, sign up below for Dennis Michael Lynch’s email newsletter.
Sign up to get breaking news alerts from Dennis Michael Lynch.
Pot posing problems for Denver’s restaurant industry