US Unemployment Claims Hit 49-Year Low

Jobless claims
  • US Unemployment Claims Hit 49-Year Low

The number of unemployed people filing for unemployment claims in the US drop to near 49-year low last week.

The unemployment claims fell by 10,000 to 203,000 for the week ended September 1, according to the Labor Department report released on Thursday. The number is better than the 214,000 projected by analysts and represent the lowest level since December 1969.

Again, the more stable four-week moving average of unemployment claims fell 2,750 last week to 209,500, also the lowest since December 1969.

Despite the fact that there have been reports suggesting that some companies are either planning to cut jobs or lay-off workers because of uncertainty surrounding Trump administration’s trade policy, the labor market remained strong and positive.

Similarly, while experts believe the labor market is near or at full employment, the report pointed to a sustained labor market that will continue to support economic growth.

The US dollar dips slightly against the Euro before rebounding to 1.1617 following president Trump’s comments on additional tariffs on $200 billion worth of Chinese imports.

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About the Author

Samed Olukoya
CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade long experience in the global financial market. Contact Samed on Twitter: @sameolukoya; Email: [email protected]

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