Jobless Claims In US Drop To 45 Year Low

Economic growth under President Trump has been the exact opposite of Obama. Under Obama, we were constantly assured that a big turnaround was just over the next hill. Under Trump, the economy is booming and the job market is fantastic.

Reuters reports, via FOX Business:

US jobless claims drop to near 45-year low

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The number of Americans filing for unemployment benefits fell to a near 45-year low last week, pointing to strong job growth in February, which should continue to underpin the economy.

Initial claims for state unemployment benefits dropped 7,000 to a seasonally adjusted 222,000 for the week ended Feb. 17, the Labor Department said on Thursday. Claims fell to 216,000 in mid-January, which was the lowest level since January 1973.

Claims for six states, including California, were estimated because of Monday’s Presidents Day holiday. While that probably distorted last week’s data, the underlying trend in claims was consistent with a robust labor market.

“Firms are extraordinarily unwilling to part company with workers reflecting, in all likelihood, the difficulty of replacing them,” said John Ryding, chief economist at RDQ Economics in New York.

Economists polled by Reuters had forecast claims unchanged at 230,000 in the latest week. It was the 155th straight week that claims remained below the 300,000 threshold, which is associated with a strong labor market. That is the longest such stretch since 1970, when the labor market was much smaller.

Trump has only been in office for a little over a year. Imagine how things are going to look three years from now.

 

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