With another sign that Obama was utterly clueless, and Trump knows capitalism, jobless claims in early April dropped by over 9,000 applications to just over 230,000; reaching levels not seen in the United States since the mid 1970s.
The new data shows America’s unemployment claims are at a 45-year low as the labor market continues to roar to life under President Trump and the Republican-controlled Congress.
According to Market Watch, the strong report shows companies across the country complaining about a “shortage of labor” as more and more Americans go back to work.
“Layoffs are near a 45-year low and show no sign of rising. Companies increasingly complain about a shortage of skilled labor with the unemployment rate at a 17-year low of 4.1%, making it harder for them to fill a record number of job openings,” writes Market Watch.
“With labor so hard to find, the bar for letting people go is very high, so layoffs will remain a close to their current levels for some time yet,” said a chief economist.
Initial jobless claims fell by 9,000 to 233,000 in the week ended April 7. Economists surveyed by MarketWatch had forecast a 230,000 reading.
The more stable monthly average of claims rose by 1,750 to 230,000, the government said Thursday.
The number of people already collecting unemployment benefits, known as continuing claims, also increased by 53,000 to 1.87 million.
What happened: Claims subsided in early April after a holiday-related boost at the end of March that pushed them to the highest level of 2018.
Market reaction: The Dow Jones Industrial Average DJIA, -0.47% and Standard & Poor’s SPX, -0.30% surged in Thursday trades. The 10-year Treasury yield TMUBMUSD10Y, +0.41% rose slightly to 2.82%.
Mr Americana, Overpasses News Desk
April 23rd, 2018