Recent statistics show that the number of American citizens who have applied for new unemployment benefits are fewer than 300,000. This has been the same for 10 straight weeks, which reflects the low level of US layoffs while the economy is still strengthening after the recession. The jobless claims went down by 2,000 and reached 291,000 last week. The numbers come from the Labor Department who released an official statement this Thursday.
Jobless claims say a lot about a country’s economic state, especially if the layoffs are falling or rising. The layoffs usually move at the same time with the broader economy of a nation. The jobless claims have went down below 300,000 in recent times, which means that America is starting to recover and shows a strong economic growth.
The US economy is doing better at this specific moment since the Great Recession ended back in 2009. The economy has added more jobs than the US has had in more than 10 years.
Many companies are operating with good work forces and are firing very few workers. All this is happening in the middle of a recovering and expanding economy.
Over the past few months the average of new claims has gone up by 1,750 to approximately 287,500. The US government said that jobless claims decreased by 73,000 to almost 2,33 million in the November 8 week. There are still more than 9 million Americans without a job, with more than one third being without a work place for six months or longer. These people can no longer receive unemployment benefits.
Many other people who are jobless are recently college graduates or the ones who are looking for a job but were not laid off from the previous workplace. Only the one who have been laid off recently are eligible for benefits.
The US economy has been healing slowly this year and has grown with 4% in the last six months.
This increase has led to more companies hiring new people. The employers have added more than 229,000 new jobs per month this year only. This makes 2014 the strongest economic year (job wise) since 1999. It’s good news, especially since the number of hiring has gone up, compared to last year’s 194,000 new jobs.