New report shows jobless claims that haven’t been as low in 44 years.
Jobless claims have dropped to a low not seen since 1973. How long can such a positive trend last? I don’t know. I expect that the economy has been so damaged over the previous sixteen years (and more) that Donald Trump’s pro-growth policies cannot stave off an economic crisis forever. But the media was predicting economic pain ahead if he won the election. That hasn’t happened.
Bloomberg reports, “Fewest Jobless Claims Since 1973 Show Firm U.S. Job Market.”
Highlights of Jobless Claims (Week ended Oct. 14)
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Jobless claims decreased by 22k to 222k (est. 240k), the lowest since March 1973
Period included Columbus Day holiday, giving people one less day to file claims
Continuing claims fell by 16k to 1.89m in week ended Oct. 7 (data reported with one-week lag)
Four-week average of initial claims, a less-volatile measure than the weekly figure, dropped to 248,250 from 257,750
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