Economy on the Rise: Jobless Claims Fall to a 45-Year Low

Some good news on the economy has emerged for Democrats to continue sitting down and pouting over.

According to Reuters, the jobless claims in the U.S. have fallen to a low not seen since the 70’s:

Initial claims for state unemployment benefits decreased 9,000 to a seasonally adjusted 221,000 for the week ended Feb. 3, the Labor Department said on Thursday. Claims fell to 216,000 in mid-January, which was the lowest level since January 1973.

Economists polled by Reuters had forecast claims rising to 232,000 in the latest week. Last week marked the 153rd straight week that claims remained below the 300,000 threshold, which is associated with a strong labor market. That is the longest such stretch since 1970, when the labor market was much smaller.

The labor market is near full employment, with the jobless rate at a 17-year low of 4.1 percent. The tighter labor market is starting to exert upward pressure on wage growth.

So unemployment is down by 11,000 more claims than analysts predicted, and wages are going up.

This is accompanied by a 2.9 percent hourly earnings jump in January as compared to the same month in 2017. According to Reuters, that’s the largest jump since June 2009.

On top of that, those collecting unemployment has dropped by 33,000 to 1.92 million.

We’re looking pretty good, folks.