WASHINGTON, D.C. — U.S. jobless claims have fallen to the lowest level since 1969, according to a report published Thursday by Marketwatch (https://tinyurl.com/yd9gfxt5).
The new numbers bypassed the expectations of economists surveyed by Marketwatch and Reuters who had expected the claims to total 226,000. The actual four-week average fell by 5,000 to 220,000, states the report.
“The latest decline in weekly claims shows a tight labor market is increasingly pushing employers to hold on to existing staff amid a persistent shortage of qualified workers,” reports Bloomberg (https://tinyurl.com/y97ra5o5). “Applications for jobless benefits are well below the 300,000 tally that’s typically considered consistent with a healthy labor market.”
The Labor Department also revised the number of unemployment claims reported for the previous week, saying that it was 2,000 lower than had been erroneously reported.
The numbers prompted President Donald Trump to take to Twitter, where he praised the economy.
“Unemployment filings are at their lowest level in over 48 years. Great news for workers and JOBS, JOBS, JOBS! #MAGA,” the president tweeted (https://tinyurl.com/y8qlshns).
When running for president, Trump vowed to be the “best job creating president of all time”. Many economists say the president has not only met, but exceeded that goal.
“Economists surveyed by The Wall Street Journal say President Donald Trump has had generally positive effects on U.S. economic growth, hiring and the performance of the stock market during his first year in office,” Town Hall reported in January (https://tinyurl.com/yd73d5vv).”The professional forecasters also predicted 2018 would see solid growth and a continued decline in the jobless rate. One factor: the tax cuts signed into law by Mr. Trump in December, which most economists say will boost the economy for several years at least.”