Economy

Jobless Claims Continue to Fall, Reach 50-Year Low for Second Consecutive Week

Unemployment claims in the United States fell to their lowest level in 50 years for the second week in a row, according to the Department of Labor.

Jobless claims under Trump hit 50-year low for second consecutive week

This news comes just weeks after former President Barack Obama took credit for the growing economy under his successor, and days after small business optimism hit an all-time high. The new figure beat the record formerly held under former President Ronald Reagan.

The number recorded by the Labor Department is the total amount of people receiving unemployment benefits. You can receive these benefits for 26 weeks and are eligible to receive up to $450 a week.

At the beginning of 2018, unemployment numbers were at a 44-year low, with overall jobless claims dropping to 220,000. In 1973, jobless claims were at 218,000.

While the unemployment claims may not exactly be true, the overall trend of this year suggests that more people are finding employment under President Donald Trump than they have in half a century.

This is great news for the Trump administration, especially during the politically-charged season of the midterm elections. This may put the Republicans on par with the Democrats, if not give them an advantage heading into a particularly important series of elections in November.

 

 

 

 

 

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