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Jobless Claims Unexpectedly Fall to Nearly 50-Year Low

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The number of Americans who applied for unemployment benefits last week hit a 49-year low, the U.S. Department of Labor reported Thursday.

Initial jobless claims are looked at as an economic barometer for layoffs.

For the period ending Sept. 15, Americans filed 201,000 claims, down 3,000 from the week before. That figure is the lowest level for initial claims since Nov. 12, 1969, MarketWatch reported.

“This economy is booming,” said Home Depot founder Ken Langone, according to CNBC.

“I think he’s made a lot of moves that are constructive to the economy,” said Langone of President Donald Trump, adding that “every indicator” of the economy is looking positive.

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Langone said one of the secrets to Trump’s success has been reining in the long arm of bureaucracy.

“Deregulation is having a profound impact on the mindset of businesspeople,” he said.

That mindset is reflected in week after week of positive data.

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Because the week-to-week average is historically volatile, the Department of Labor also issues a four-week average for new claims. That average also dipped to statistical territory not seen in 49 years.

The four-week moving average of claims was 205,750, down 2,250 from the previous week. The average has not been this low since Dec. 6, 1969, CNBC reported.

President Donald Trump and his daughter, Ivanka, each applauded the news.

“Financial and jobs numbers are fantastic. There are plenty of new, high paying jobs available in our great and very vibrant economy. If you are not happy where you are, start looking – but also remember, our economy is only getting better. Vote in Midterms!” the president tweeted.

“Jobless claims have fallen to a 49 year low! Further, the number of people collecting unemployment benefits declined to the lowest level since 1973. The @realDonaldTrump economy is BOOMING and we are working hard everyday to keep it roaring and better the lives of all Americans!” Ivanka Trump tweeted.

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Overall, the report said 1.65 million people are collecting unemployment. That number is the lowest since 1973, the Department of Labor reported.

Hurricane Florence did have some impact on the numbers, because applications from South Carolina dipped as the storm neared and government offices were closed.

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Jack Davis is a freelance writer who joined The Western Journal in July 2015 and chronicled the campaign that saw President Donald Trump elected. Since then, he has written extensively for The Western Journal on the Trump administration as well as foreign policy and military issues.
Jack Davis is a freelance writer who joined The Western Journal in July 2015 and chronicled the campaign that saw President Donald Trump elected. Since then, he has written extensively for The Western Journal on the Trump administration as well as foreign policy and military issues.
Jack can be reached at jackwritings1@gmail.com.
Location
New York City
Languages Spoken
English
Topics of Expertise
Politics, Foreign Policy, Military & Defense Issues




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