Unemployment claims plummeted to a 49-year low last week as the economy continues to see vast improvements.
The U.S. Labor Department announced Thursday that initial claims for unemployment benefits at the state level dropped to a seasonally adjusted 203,000 – down 10,000 from the week prior.
The numbers represent the lowest level of unemployment claims by U.S. workers since December 1969.
The economy overall also grew at a pace of 4.2 percent between April and June of this quarter.
The unemployment rate is expected to further fall to the mid-3 percent range moving forward as well.
News of the numbers comes as the U.S. government prepares to release Friday its August jobs report. It is believed the report will show that roughly 200,000 jobs were created during that month.
Mark Zandi, the chief economist at Moody’s Analytics, has stated that the “job market is hot.”
“Employers are aggressively competing to hold onto their existing workers and to find new ones,” Zandi said. “Small businesses are struggling the most in this competition, as they increasingly can’t fill open positions.”
U.S. President Donald Trump, who has made economic reform a top priority for his administration, similarly praised the news on Twitter Thursday.
“Cosumer [sp] confidence highest in 18 years, Atlanta Fed forecasts 4.7 GDP, manufacturing jobs highest in many years,” Trump said before quoting Fox Business’ Maria Bartiromo.
The president also quoted commentary from James Freeman of The Wall Street Journal.
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