Jobless claims continued to plunge in the first weeks of July with America’s unemployment applications reaching levels not seen since 1969, according to new statistics released by the Department of Labor.
New data shows the claims fell by more than 8,000 requests to 207,000 in the middle of July; the lowest number of unemployment insurance applications in over 48 years.
“Thursday’s results are likely to reassure Federal Reserve officials that they right to pursue tighter monetary policy, and may even lead them to begin accelerating the pace of interest rate hikes,” writes the Washington Examiner.
The strong economic report spells trouble for Democrats heading into the 2018 midterms, with House Minority Leader Nancy Pelosi calling the booming jobs market “a raw deal” for America’s middle class.
“The June #JobsReport shows what is at stake from the brewing storm of rising health costs, spiraling trade uncertainty & an economy being hollowed out to enrich big corporations & the wealthiest 1 percent. Americans deserve better than the GOP’s raw deal,” tweeted Pelosi weeks ago.
ECONOMY SOARS: African American, Hispanic Unemployment LOWEST IN HISTORY
The unemployment rate for African American and Hispanic workers plunged to the lowest levels ever recorded Friday as the US economy roars to life under President Trump and the Republican-controlled Congress.
The newest figures released by the US government show the unemployment rate for African American workers dropping to 6.6% and the unemployment rate for Hispanic workers plunging to 4.8%.
“There’s a heck of a lot of good news in this report,” said Kevin Hassett, chairman of the White House Council of Economic Advisers.
“The African-American unemployment rate dropped to 6.6 percent. That’s the lowest rate on record, and significant because black workers’ unemployment is typically double that of whites,” adds CBS News.
The strong economic data comes after similar reports show GDP and jobless claims smashing expectations as more and more Americans head back to work in the second quarter of 2018.
Just this week, similar reports showed unemployment claims dropping to the lowest levels seen since 1973.
ARMAGEDDON CONTINUES: Jobless Claims PLUMMET to LOWEST Levels Since 1973
The US economy continues to roar back to life under President Trump and the GOP-controlled Congress; with new data showing jobless claims dropping to the lowest levels seen since 1973.
According to Bloomberg, the strong financial report shows recent jobless claims plummeting by over 12,000 filings to just 215k applications; rates not seen in over 45 years.
“Claims at the lowest level in 45 years underscore a persistent shortage of qualified workers that has made employers reluctant to fire staff. Applications for jobless benefits below the 300,000 tally are typically considered consistent with a healthy labor market,” writes the financial website.
The new data shows the US economy is in full-swing heading into 2018; with low-unemployment, higher wages, and expanded benefits following the recently passed GOP-sponsored tax cuts.
Despite Democratic opposition, President Trump vowed last week to implement “Phase Two” of his overhaul of the nation’s tax code; seeking to make lower individual and corporate rates “permanent.”