Jobless Claims Plummet by 15,000 to 213,000 Under Trump
The American labor market remains robust
In the week ending November 23, jobless claims plunged unexpectedly, a strong indication of a healthy American labor market, according to reports.
The Labor Department revealed on Wednesday that claims for state unemployment benefits dropped by 15,000 to 213,000,
Economists had anticipated a smaller decline.
The previous week's claims were revised up by 1,000 to 228,000.
As claims had been rising in the two prior weeks, the sudden drop is significant.
Many economists expected claims to increase because they view employment as likely to peak soon due to the deficient levels of unemployment and slow business investment.
But despite the promising figures, jobless claims tend to be volatile.
Most economists opt to view the four-week average of claim because they believe it is a more reliable indicator of the labor market.
This figure moved down by 1,000 to 220,000.
Last month, unemployment figures in America fell to the lowest levels since 1969, according to new US employment data.
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In September, Trump's booming economy created 136,000 American jobs, with the unemployment rate falling to just 3.5 percent.
According to Econoday, economists were expecting the number of new jobs to be between 120,000 and 179,000, with the consensus number at 145,000.
Unemployment was better than expected, however, after it was predicted to remain unchanged at last month’s 3.7 percent.
In November, Black unemployment rates plummeted to 5.4 percent, the lowest level since 1972, according to figures from the Bureau of Labor Statistics.
In August, Neon Nettle reported that African-Americans unemployment rates plummeted to 17.7 percent, the lowest rate since government records began in the early 1970s.
According to the most recent data from the Department of Labor, a total of 762,000 young African-Americans had jobs in July.
But October also set a record for black men above the age of 20, with a 5.1 percent rate.