America, we've got jobs. On April 21, the new data from the U.S. Department of Labor showed that the jobless claims in the country hit lowest levels since 1973.
These are the unemployment benefits claims filed by newly jobless individuals. The new data shows that the rates dipped by 6,000 to just 247,000 last week.
This rate is the lowest observed since November 24, 1973, when the observed claims were 233,000. In the week before, the rates also hit their lowest in four decades.
"The 4-week moving average was 260,500, a decrease of 4,500 from the previous week's unrevised average of 265,000. There were no special factors impacting this week's initial claims. This marks 59 consecutive weeks of initial claims below 300,000, the longest streak since 1973," said the Department of Labor in a press release (PDF).
Joshua Shapiro, a U.S. economist at MFR, Inc., said in an email analysis that while low jobless claims could be short-term, these low numbers are part of a long-term trend in the economy.
This long-term trend includes businesses exuding confidence in employment and wages getting stronger.
Contrary to previous forecasts by economists, the weekly jobless claims in the country have stayed below 300,000 for over a year.
"This continued strength in the labor market supports our forecast for a modest rebound in consumer spending growth in the second quarter, but it also suggests that wage and inflation pressures will continue to build," said economist Jesse Edgerton from J.P. Morgan.
According to the U.S. Bureau of Labor Statistics, significant spikes in employment were observed in 37 states from March 2015 to March 2016. Among these states, Idaho's employment rates surged highest with a 3.6 percent increase since March 2015.
The bureau also looked at the industries with highest employment rates across the United States. Data showed that in May 2014, the healthcare industry had the most number of jobs.
There were 7.9 million employed in technical occupations and healthcare practices while 3.9 million were employed in healthcare support jobs. About 3.8 million worked in hospitals, 1.5 million worked in doctors' offices and 1.1 million worked in nursing care facilities.
Photo: DeWitt Clinton | Flickr
