You can definitely call this the Trump Effect. He has been in office for less than two years and the jobs market is more robust than it has been in years.
The Labor Department reports:
In the week ending July 14, the advance figure for seasonally adjusted initial claims was 207,000, a decrease of 8,000 from the previous week’s revised level. This is the lowest level for initial claims since December 6, 1969 when it was 202,000. The previous week’s level was revised up by 1,000 from 214,000 to 215,000. The 4-week moving average was 220,500, a decrease of 2,750 from the previous week’s revised average. The previous week’s average was revised up by 250 from 223,000 to 223,250.
The advance seasonally adjusted insured unemployment rate was 1.2 percent for the week ending July 7, unchanged from the previous week’s unrevised rate. The advance number for seasonally adjusted insured unemployment during the week ending July 7 was 1,751,000, an increase of 8,000 from the previous week’s revised level. The previous week’s level was revised up 4,000 from 1,739,000 to 1,743,000. The 4-week moving average was 1,735,750, an increase of 6,250 from the previous week’s revised average. The previous week’s average was revised up by 1,000 from 1,728,500 to 1,729,500.
If Trump keeps up at this pace, he will be nearly unbeatable in 2020. The American people aren’t going to try to fix a wheel that isn’t broken.
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