Unemployment benefits record biggest drop in nearly two years

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%.

H/T: Reuters

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