Americans are filing unemployment benefits at the lowest levels since 1973, signaling a major upswing in the US economy as employers scramble to find workers as the nation nears full employment.
According to Bloomberg, the shocking drop in benefit claims is accompanied by an unemployment rate of just 4.1%, the lowest level seen since 2000.
“The drop in claims shows that companies are increasingly holding on to their employees amid a shortage of skilled labor,” write Bloomberg. “Businesses are struggling to find workers to fill positions, particularly in manufacturing and construction, as cited in some anecdotes for the Federal Reserve’s Beige Book released Wednesday.”
The strong economic data comes as Apple and other American-based corporations announce major plans to reinvest in the US following the GOP-led tax cuts.
President Trump hailed Tim Cook’s decision to repatriate over $350 billion into the USA over the next five years on social media Wednesday, saying it was “great to see Apple follow through as a result of tax cuts. Huge win for American workers and the USA!”
I promised that my policies would allow companies like Apple to bring massive amounts of money back to the United States. Great to see Apple follow through as a result of TAX CUTS. Huge win for American workers and the USA! https://t.co/OwXVUyLOb1
— Donald J. Trump (@realDonaldTrump) January 17, 2018