Trump's first month in office sees the lowest number of initial jobless claims in 44 years
Whether the real data continues to show severe underlying problems in the U.S. economy, one thing is for certain… the optimism by the American people that things will get better under President Trump is running very high. ¬†And perhaps this can be seen in no better light when on March 2 the first report under Trump’s new administration regarding initial jobless claims came out, and the results showed a decline to its lowest levels in 44 years.
Initial jobless claims plunged 19k last week to 223k. This is now the lowest level of initial jobless claims since March 1973, and is very close to the lowest levels since 1969.
This is now the longest period of declining initial jobless claims in US history (from March 2009 to March 2017) – Zerohedge
Since the Fed embarked on its mandate of lowering the unemployment rate and creating an environment to stimulate job creation following the advent of the Great Recession, the economy has created millions of jobs, but unfortunately most of them have been low wage, part time work. ¬†Additionally, since unemployment benefits normally last at most just 99 weeks, those who fall off the roles end up not even being counted as being in the labor force, and thus skew the true rate of unemployment.
The real question going forward is whether the Trump Administration can change the trend of low wage, part time jobs to that of full time, good paying ones which were the mainstay of the economy prior to the financial crash of 2008. ¬†Because right now the problem doesn’t lie in having enough jobs available for Americans, but instead in creating enough of them to provide a real living wage in this new era of stagflation.
Kenneth Schortgen Jr¬†is¬†a writer for The Daily Economist, Secretsofthefed.com,¬†Roguemoney.net, and Viral Liberty, and hosts¬†the popular youtube podcast on Mondays, Wednesdays and Fridays.¬†Ken can also¬†be heard Wednesday afternoons giving an weekly economic report on the¬†Angel Clark radio show.