The number of Americans on unemployment benefits plunged to the lowest levels since 1974 last month; signaling a healthy US economy under President Trump and the GOP-controlled Congress.
According to new statistics released by the federal government, just 1.85 million Americans received unemployment assistance in March; levels not seen throughout the country in approximately 44 years.
Jobless claims also held below 300,000 in early April, marking the 162 consecutive week under the important benchmark and holding the longest streak for jobless claims going back to 1967.
“Initial jobless claims, a proxy for layoffs across the U.S., decreased by 9,000 to a seasonally adjusted 233,000 in the week ended April 7, the Labor Department said Thursday. This means claims have now held below 300,000 for 162 consecutive weeks, cementing the longest streak for weekly records dating back to 1967,” writes the Wall Street Journal.
The recent data released by the Department of Labor shows the US economy is poised to roar going into the second quarter of 2018; with both large and small businesses expanding just months after the President signed his sweeping tax overhaul into law.