The number of Americans filing for unemployment benefits continued to plummet to record lows this week, with fewer workers filing claims than any point in over 44 years.
Leading economists had predicted that 224,000 Americans would seek assistance in June, but actual claims dropped to just 218,000; smashing records and signaling a healthy US economy heading into the third quarter of 2018.
“The labor market is considered to be close to or at full employment, with the jobless rate at an 18-year low of 3.8 percent. The unemployment rate has dropped by three-tenths of a percentage point this year. It is near the Federal Reserve’s forecast of 3.6 percent by the end of this year,” writes CNBC.
The strong economic data comes just hours after the US Treasury confirmed it had taken in a record-smashing tax haul in the first fiscal months of 2018; breaking previous highs by $50 billion in personal income tax.