Still less than 100 days on the job and the Trump presidency continues to receive good economic news. With new jobless claims numbers now in for the second full week of April, the Trump economy has smashed yet another record — the United States now has the fewest people receiving federal unemployment benefits in 17 years!
From the Washington Examiner:
“New applications for unemployment insurance rose to 244,00 in the second week of April, the Department of Labor reported Thursday, up from an ultra-low 234,000 the week before.
Investors had expected jobless claims to rebound to around 242,000 after falling to the second-lowest level since 1973 in the previous week.
Thanks in part to new claims running low for so long, the total number of people receiving benefits of all durations fell to the lowest level in 17 years.
Just 1.98 million people received benefits in the first week of April, according to Thursday’s report, the lowest such number since April of 2000, during the dotcom bubble.Markets and the Federal Reserve see low claims as a good sign for the economy. Fewer claims mean that fewer people are showing up to state agencies to collect unemployment benefits, suggesting that layoffs are scarce.
The strong jobless claims numbers in recent weeks have boosted expectations for growth this year, and for the Fed to continuing raising interest rates.”To hear the media tell it, we’re in a tailspin: Russia has moved into the White House, the Syrian missile strike was a ruse, MOAB has only created more terrorists; we’re headed to war with North Korea, Maxine Waters is moments away from filing articles of impeachment, and all hope is lost. Trump’s taxes occupy more headlines than the fact Americans are going back to work.
But all the doom and gloom reporting can’t shut down the truths being felt on Main Street.
Thanks to “the Trump affect” on the stock market, Americans’ 401ks are swollen. New pipelines are being built — and should be built using 100% US-made steel. Jobless claims are down, and productivity up. Trump and the Republican congress have trimmed away sixty billion dollars worth of business-choking federal regulations…and consumer confidence has spiked to a fifteen-year high.
And it’s barely been three months.
[Note: This article was written by Derrick Wilburn]