The U.S. Department of Labor revealed Wednesday, Nov. 27, that applications for state unemployment benefits fell by 15,000 in the last week, a strong sign of a healthy labor market.
Economists had anticipated a smaller decline, as they expected subsidy claims to rise because they believe employment is likely to peak soon due to slow business investment.
But despite promising numbers, unemployment claims tend to be volatile. Most economists choose to see the average of four-week subsidy claims because they believe it is a more reliable indicator of the labor market.
Last month, U.S. unemployment numbers fell to their lowest levels since 1969, according to new employment data.
In September, Trump’s economy created 136,000 jobs, with an unemployment rate that fell to just 3.5 percent.
In November, African American unemployment rates fell to 5.4 percent, the lowest level since 1972, according to Bureau of Labor Statistics figures.
According to the most recent data from the Department of Labor, a total of 762,000 African American youths were employed in July. But October also set a record for black men over the age of 20, with a rate of 5.1 percent.
Secretary of Labor Eugene Scalia issued the following statement on the October 2019 labor status report:
“Significantly exceeding expectations, the U.S. economy added 128,000 new jobs in October.”
He added, “The unemployment rate remains near a 50-year low. More than 300,000 Americans entered the labor force in October, leading to a slight uptick of the unemployment rate to 3.6%. This marks the 20th consecutive month in which the unemployment rate has been at or below 4%. It is also encouraging to see another record low unemployment rate for African Americans.”
He also pointed out that Americans are getting more money in their paychecks, as year-over-year wage growth rose by 3.0%.
Wages have grown at or above 3.0% for 15 consecutive months, including September’s increased revision.