The number of workers in the U.S. filing for unemployment has dropped to a 49-year low as of last week, and it seems the labor market is going to continue showing vast improvements over the numbers it had during the Obama administration.
This is a really big win for President Trump, as it illustrates his economic policies are doing a fine job of stimulating American businesses. Guess that tax cut for companies was a good idea after all.
The four-week moving average, which is a better indicator of where the job market is headed, was 209,500, a decrease of 2,750 from the previous week, the lowest level for this average since Dec. 6, 1969 when it was 204,500.Advertisement - story continues below
The economy, which grew at a robust 4.2 percent pace in the April through June quarter, is chugging along despite headwinds from President Trump’s trade policies. Trump has applied steep tariffs on steel and aluminum imports and duties on $50 billion worth of Chinese goods.
A separate report released on Thursday, showed private-sector businesses added 163,000 jobs, the fewest since Oct. 2017.Trending:
But the job market appears strong along with the unemployment rate expected to fall to the mid-3 percent range.
“Employers are aggressively competing to hold onto their existing workers and to find new ones. Small businesses are struggling the most in this competition, as they increasingly can’t fill open positions,” he added.
The bottom line is, more and more jobs are being created, which translates to more and more people going back to work and being able to provide for themselves and their families. Self-sufficiency means fewer people on government provided welfare programs, thus saving tax payers loads of dough.
Say what you will about President Trump, but the proof is in the pudding. The guy knows business.
Source: The Hill