The US economy continues to roar back to life under President Trump and the GOP-controlled Congress; with new data showing jobless claims dropping to the lowest levels seen since 1973.
According to Bloomberg, the strong financial report shows recent jobless claims plummeting by over 12,000 filings to just 215k applications; rates not seen in over 45 years.
“Claims at the lowest level in 45 years underscore a persistent shortage of qualified workers that has made employers reluctant to fire staff. Applications for jobless benefits below the 300,000 tally are typically considered consistent with a healthy labor market,” writes the financial website.
The new data shows the US economy is in full-swing heading into 2018; with low-unemployment, higher wages, and expanded benefits following the recently passed GOP-sponsored tax cuts.
Despite Democratic opposition, President Trump vowed last week to implement “Phase Two” of his overhaul of the nation’s tax code; seeking to make lower individual and corporate rates “permanent.”