The lowest jobless claims in the US in the last 15 years have been registered this past week. The number of people filing for unemployment for the first time has plummeted to 262,000, after having dropped by 34,000. The Labor Department report revealed that such a low number had not been registered since April 15th 2000.
While no particular occurrence seems to be responsible for the low figure, it represents very good news. Hopes are that it will be possible to keep up the decline, which would greatly straighten the US job market. “The U.S. labor market is in good shape and has been quite resilient.” claims Thomas Costerg, Standard Chartered Bank economist from New York, who has predicted that the number will be below 300,000.
It was reported that at the end of the week that ended on April 18th there were 2.25 million people receiving jobless benefits, which has decreased by 74,000 since the previous week. This also represented the lowest amount registered since December 2000. As for the unemployment rate amongst people eligible for receiving benefits, it remained constant at 1.7 percent.
The good news came to give weight to what has been registered previously this year. The number of job openings reached a staggering 5.13 million in February, which was the highest number since January 2001, according to the Labor Department. This means that there are approximately 1.7 unemployed people per job opening. This also is the lowest number registers since November 2007.
It looks like the first quarter was a good one in the US, with a level of total goods produced and services provided registered at a rate of 0.2% in the first three months of 2015, revealed the Commerce Department. While the number is small, it is higher that what has been registered this time last year and under winter conditions, it is overall acceptable.
It’s reassuring news from the Federal Open Market Committee, who says that “The pace of job gains moderated,”. They explained how the economic growth had been quite slow during the winter months due to ” transitory factors” that are expected to get back on track shortly. It is also expected that by the end of the next quarter, in June, the matter will be resolved and that economic growth will reach 2.5%.
With the lowest jobless claims in the US in the last 15 years registered at the beginning of the second quarter, the US job market is looking strong and steady and economic forecasts are looking good so far in 2015.
Image Source: guim.co.uk
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