The number of American workers filing for unemployment benefits plunged in April; reaching levels unseen in over 48 years as the US economy continues to roar to life under President Trump and the GOP-controlled Congress.
According to new statistics released by the Commerce Department, jobless claims plummeted to rates similar to those in 1969 as millions of Americans go back to work after the recently passed GOP tax cuts.
“The number of Americans filing unemployment benefits dropped to the lowest level in more than 48 years last week and the goods trade deficit tumbled in March on strong export growth,” writes Yahoo Finance.
The strong data comes as American GDP reached its highest level in 15 years this week, growing at a healthy 3.3%.
“In our economic projections which underlie our budget projections, inflation-adjusted GDP–or real GDP–expands by 3.3 percent this year, and by 2.4 percent in 2019,” said the CBO Director.
GREAT AGAIN: $2 TRILLION Added to US Economy Under President Trump
The United States Stock Market has added over $2 trillion to the American economy since President Trump won the 2016 presidential election; smashing expectations and further signaling a robust recovery following years of stagnant growth under Barack Obama.
According to CNBC, the S&P 500 stock index grew by $2.04 trillion since Donald Trump defeated Hillary Clinton last November; soaring after the election on renewed hopes of significant tax reform and the reduction of burdensome regulations imposed by Trump’s predecessor.
The largest gains were seen in information technology, financial services, healthcare, and materials.
President Trump now sets his sights on reforming the nation’s complicated and outdated tax code, a key campaign promise to deliver tax relief to millions of American families and businesses.
“People are in wait-and-see mode in terms of tax reform. We get a bit of a pop every time it gets mentioned, but I think the market is in a bit of disbelief,” said one market strategist.
Analysts also credit President Trump’s pledge to rebuild the American military with the massive rise in stocks associated with Defense contracts, reporting some businesses have seen growth of 30% since the US election last fall.
GREAT AGAIN: April Jobless Claims PLUMMET to 45-Year Low
Jobless claims in early April dropped by over 9,000 applications to just over 230,000; reaching levels not seen in the United States since the mid 1970s.
The new data shows America’s unemployment claims are at a 45-year low as the labor market continues to roar to life under President Trump and the Republican-controlled Congress.
According to Market Watch, the strong report shows companies across the country complaining about a “shortage of labor” as more and more Americans go back to work.
“Layoffs are near a 45-year low and show no sign of rising. Companies increasingly complain about a shortage of skilled labor with the unemployment rate at a 17-year low of 4.1%, making it harder for them to fill a record number of job openings,” writes Market Watch.
“With labor so hard to find, the bar for letting people go is very high, so layoffs will remain a close to their current levels for some time yet,” said a chief economist.