Jobless Claims Fall To 50-Year Low For Second Consecutive Week
The total number of workers claiming unemployment insurance fell to the lowest level in 50 years for the second week in a row.
Jobless claims dropped by 1,000 from the previous week, bringing the number to 204,000 in the week ending on Sept. 8. The number of claims are the lowest since Dec. 6, 1969, according to a Thursday press release from the Department of Labor.
This comes as small business optimism surged to its highest level ever on a national poll in August under President Donald Trump days after former President Barack Obama took credit for the current success of the economy.
In the first two weeks of 2018, the number of applications claiming unemployment insurance benefits dropped from 41,000 to 220,000, the lowest recorded number since Feb. 24, 1973, when the number was 218,000, the Labor Department reported. The numbers came out one week after the Labor Department announced the total number of workers who actually receive unemployment insurance fell to the lowest level in 44 years at the end 2017.
The number is a positive sign for the economy as it implies fewer people are unemployed in the U.S.
The total number of people claiming unemployment benefits in the U.S. has continued to decline since Trump took office. (RELATED: Unemployment Claims Drop To Lowest Number In 45 years)
Unemployment benefits are available for up to 26 weeks in most states and pay eligible workers up to $450 per week.
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