The Trump economy continued its high-speed march, with a solid August jobs report. On Friday, it was reported that over 200,000 jobs were createdlast month. Even CNN gave the news high marks, noting it was the most robust jobs report since 2009. Is it unexpected? No. We actually have a president who—you know—knows how to do things. Consumer and small business confidence are at record highs. Unemployment is at a near generation low, according to CNBC. Black unemployment has reached historic lows. Wages are increasing. Life is certainly good in America. As for jobless claims, well—they also reached a 49-year low:
The number of Americans filing for unemployment benefits fell to near a 49-year low last week, pointing to sustained labor market strength that should continue to underpin economic growth.
Initial claims for state unemployment benefits dropped 10,000 to a seasonally adjusted 203,000 for the week ended Sept. 1, the lowest level since December 1969, the Labor Department said on Thursday. Data for the prior week was unrevised.
Economists polled by Reuters had forecast claims rising to 214,000 in the latest week. The Labor Department said claims for California, Hawaii, Kansas, Maine, Puerto Rico and Virginia were estimated because of Monday's Labor Day holiday. That could have exaggerated the decline in claims last week.
The four-week moving average of initial claims, considered a better measure of labor market trends as it irons out week-to-week volatility, fell 2,750 last week to 209,500, also the lowest level since December 1969.
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