Money Matters

The Latest Jobless Claims Report Show Low Unemployment Rates



The latest jobless claims statistic shows that unemployment insurance benefits last week fell to the lowest level in 44 years according to the Department of Labor.  Not only that but the number of continuing claims (those lasting more than a week) also fell to levels not seen since 1974.

Even more surprising is the timing of this 44 year low in  that these numbers follow the wildfires in California and the back to back hurricanes Harvey, Irma, Jose, and Maria.  While new jobless claims during the last week of August pushed higher to just under 300,000,  the economy is holding strong enough to absorb the hit with people returning to work very quickly and returning numbers to a normal rate within 6 weeks. 

Interesting along with these figures is that today’s U.S. population is 53% larger than it was in 1973 with a workforce 80% larger. Pretty impressive numbers and it certainly looks good for the next Dept of Labor report on unemployment with is already at a 20 year low of 4.2%.

President Trump has claimed that through his recent policy changes, the U.S. economy will grow by at least 3% a year or more and in order for this to be realistic, that requires job, job, and more jobs! Even CNN has found itself in the unlikely and  awkward position of having to acknowledge this by saying  “even if the economy grows at a more modest 3% clip over the next few years, Trump will likely be able to take a victory lap.”

In layman's terms, a 3% growth in GDP equates to a 50% improvement over the Obama economy with 4% equating to double. More jobs means more spending money and higher salaries to consumers who represent 70% of the overall economy. 

The US economy is strong and getting stronger. 

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economy, investment, US economy, jobs