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Number of People Getting Unemployment Hits 17 Year Low

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Number of People Getting Unemployment Hits 17 Year Low

The Red-Blue Divide is as wide as it has ever been. Pundits on both sides are using President Trump’s 100 Day Mark to make their case for or against the present administration. It seems that Trump is firmly holding on to his base with a recent poll showing that 96% of the people that voted for him would do it again. One of the reasons for such support is the news that the number of out of work people collecting unemployment checks fell to a 17 year low in April. This is the strongest U.S. labor market recorded in years.

Jobless claims fell by 49,000 to 1.98 million that it just the 2nd time they’ve fallen below 2 million during the current eight-year-old economic expansion. The last time unemployment offices sent out fewer checks to Americans who were jobless was in April of 2000; the government reported last Thursday. The number of new applicants for unemployment benefits registered less than 300,000 for 111 straight weeks. That’s the longest streak on record since the early 1970’s.

Chief Economist at Amherst Pierpont Securities, Stephen Stanley, said that there is a “steady downtrend in place in the pace of layoffs.” And according to the Department of Labor statistics, the unemployment rate has been on a downward trend since the beginning of this year, dropping from 4.8% in January to 4.5% in March. Adding to the optimism, the Dow Jones Industrial Average rose more that 180 points to 20,400 in recent trading. The Dow is up 3.3% so far in 2017.

It looks like Trump is following through on one of the main campaign promises, bringing jobs back to Americans. What do you think about this report and the president’s first 100 days?

Credit: Market Watch

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