Yesterday The Washington Examiner reported that at the beginning of May the total continuing claims for unemployment benefits ran at the lowest level in 28 years. The workforce participation rate in April was 62.9 percent (in March it was 63.0). That number has been hovering at 62 and 63 percent since January of 2012.
The article reports:
Over the past month, the average number of continuing claims per week has clocked in at 1.95 million, the lowest number in 43 years.
Those numbers were released as part of the department’s weekly jobless claims report, which is valued by investors and government officials because it provides a frequently-updated indication of new claims for unemployment benefits, a proxy for layoffs. Fewer layoffs means more job creation.
Thursday’s report showed just 232,000 new claims, adjusted for seasonal variations, for the week ending on May 13. That was the lowest number in nearly three months, and an extremely low mark by historical standards.
…At 4.4 percent in April, the unemployment rate is already below where Federal Reserve officials thought it could sustainably go if the economy were fully healthy.
Jobless claims below 300,000, economists calculate, go along with steady or declining unemployment, meaning that the unemployment rate could fall further still.
Deregulation, efforts to repeal ObamaCare, and the development of America’s energy resources have a lot to do with the economic growth that has begun under President Trump. Note that all three of these things involve an undoing of President Obama’s policies. Elections do have consequences, and the 2016 election has had very positive economic consequences.