The Department of Labor released a report on Thursday morning which can only be interpreted as an extremely encouraging outlook for the future of jobs in America.
The report stated the number of unemployment claims has dropped to the lowest it’s ever been since 1973, over forty years ago.
According to the report, “New applications for unemployment benefits fell to 223,000 for the week, well below investors’ expectations for 245,000.”
An interesting fact is that the last time the numbers for unemployment benefits and jobless claims were this low was during a time when only 90 million people were in the workforce. Today, with about 160 million in the workforce, the numbers of jobless claims are just as low.
Low jobless claims equate to low layoff rates, which is a good sign for the job market.
These findings bode well for President Trump because it shows the job markets are growing and getting stronger, signaling a confidence in the future of America’s economy under the Trump administration.
Economists feel the unemployment rate is still dropping and the already low 4.8 unemployment rate for January is a number close to where the Feds feel it should be to signal an economy that is fully healthy.
Related News: The President’s Tweet Thursday Morning
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The President’s Tweet Thursday Morning