Unemployment Benefits at a Historic Low
The number of Americans collecting unemployment benefits is at a historic low.
Labor Department statistics from early November show that roughly 1.89 million Americans are currently receiving benefits. This is the lowest figure we’ve seen since 1973.
Figures from November also show a nationwide unemployment rate of 4.1%, the lowest level we’ve seen in nearly 17 years.
“Applications for unemployment benefits are a proxy for layoffs,” reports ABC News.
The country saw an estimated 260,000 new jobs in October, as businesses in Florida and Texas reopened after being hit by hurricanes.
Third-quarter GDP growth was 3% following a similar rate in the first quarter, marking the best back-to-back gain we’ve seen in three years.
Overall, these statistics suggest that the economic recovery that began in 2009 is still going strong.
The claims-taking process remains disrupted in the Virgin Islands, but has improved significantly in Puerto Rico.
Editor’s note: Hopefully this makes way for people who have given up looking for jobs to start searching again. We are not quite back a full economic power just yet, but could be getting there.