The US economy continued to roar to life this week under President Trump and the Republican-controlled Congress, with new data showing American unemployment claims at the lowest levels in over 44 years.
Last month, US-based workers receiving unemployment benefits fell to just over 1.7 million; the lowest figures seen since Christmas 1973 and signaling a healthy American economy heading into the third quarter of 2018.
“Initial claims for state unemployment benefits decreased 1,000 to a seasonally adjusted 222,000 for the week ended June 2, the Labor Department said on Thursday. Claims data for the prior week was revised to show 2,000 more applications received than previously reported,” writes Yahoo News.
The strong data comes as the US economy adjusts to an inverted job index for the first time in history, with more employment positions available than American workers to fill them.
“If employers want to fill these 6.7 million job openings, they are either going to have to raise wages or find more clever and creative ways to recruit workers off the sidelines,” added a senior economist.