October 14, 2016
This past week, the number of Americans filing for unemployment benefits hit a 43-year low. The Labor Department’s report indicates that automobile sales and manufacturing signal an economy on the rise, and augur well for a rate increase in December, should the trend continue.
For the week ending October 8, unemployment filings were at a seasonally adjusted 246,000, which is the lowest number since November 1973. Additionally, those who continued to claim unemployment after a week of benefits dropped by 16,000 to 2.05 million, which is the lowest level since June 2000.
Although the monthly average of employment growth has slowed to 178,000, that number is still above Fed Chair Janet Yellen’s 100,000 threshold that’s needed to add new employees into the workforce.
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