Americans applying for unemployment benefits plummeted in the first two months of 2018 to just over 220,000 jobless claims; reaching the lowest levels seen since the 1970s as the US economy roars to life.
The official numbers were lower than projections by nearly 10,000 applications; signaling the US recovery is in full swing under President Trump and the Republican-controlled Congress.
“Claims for the prior week were revised to show 1,000 fewer applications received than previously reported. Claims fell to 216,000 in mid-January, which was the lowest level since January 1973,” writes CNBC.
“It was the 155th straight week that claims remained below the 300,000 threshold, which is associated with a strong labor market. That is the longest such stretch since 1970, when the labor market was much smaller,” adds the author.
The strong economic news comes on the heels of the recently passed GOP tax cuts; with dozens of large American companies paying out higher wages and big bonuses after the President signed the sweeping tax overhaul into law.