As Trump touts another positive sign for U.S. Labor Market Democrats claim President Trumps policies do little to support Americas most vulnerable
Texas Insider Report: WASHINGTON D.C. The number of Americans applying for unemployment benefits fell below 200000 last week for the first time in nearly 50 years since 1969 according to U.S. Labor Department data released earlier today.
While Democrats continue their claim that President Donald Trumps policies have done little to support the most nations most vulnerable Americans the Labor Department reported that 196000 people applied for unemployment insurance benefits in the week ending April 6 the lowest level for initial jobless claims since October 1969.
The level of confidence that were going to have a pretty solid year is pretty high" said White House Council of Economic Advisers Chairman Kevin Hassett at a conference hosted earlier this week by the American Bankers Association noting that a boost to investment in productivity-increasing equipment and a tight labor market should propel the economy throughout 2019.
The steep decline in jobless claims is the latest positive sign for the U.S. labor market which has continued to add jobs and draw workers off the sidelines.
And Aprils sharp drop in jobless claims brought the four-week average of weekly unemployment insurance applications down to 207000 the lowest level since December 1969.
The White House Council of Economic Advisers projected last month that the U.S. economy would grow at a 3 clip in Gross Domestic Product (GDP) throughout Trumps tenure far faster than most private and public sector estimates.
The U.S. economy added 196000 jobs in March according to U.S. Labor Department data released last week. The economy gained an average of 180000 jobs in the first quarter of 2019 as the unemployment rate fell to 3.8 in February and the labor force participation rate stayed steady near 63.
Trump argued on Friday that the U.S. economy could have grown faster if the Federal Reserve Bank hadnt been hiking interest rates over the past year in an effort to stave off inflation which has remained below the central banks target range.
I think they slowed us down. Theres no inflation. I think in terms of quantitative tightening it should actually now be quantitative easing" Trump said Friday.
The Federal Reserve in March projected the economy would grow by 2.1 in GDP which is in line with many private sector estimates.
