The number of Americans drawing unemployment benefits dropped to its lowest level in 28 years in April.
Not since 1988 have unemployment claims been so low.
The Washington Examiner reported:
The end of April saw the fewer workers getting unemployment benefits than anytime in the last 28 years, the Department of Labor reported Thursday in a sign of the labor market’s increasing health.
Just 1.9 million people received unemployment insurance benefits at the end of the month, the fewest since 1988. Benefits are available for up to 26 weeks in most states.
Even more encouraging: Averaging over the past four weeks, total unemployment benefit claims are running at the lowest rate since 1974, despite the workforce being 75 percent bigger.
Thursday’s report also showed new jobless claims dropping to 236,000 in the first week of May, an extremely low level.