New figures from the Department of Labor indicate that the number of people obtaining unemployment benefits is at its lowest level in 44 years. The reported 1.85 million monthly average is the lowest since January 1974 and new claims for unemployment dropped by 9,000 in the first week of April.
The Washington Examiner recently highlighted the positive implications these numbers would have on the economy:
“Low jobless claims are a good sign for the economy. They suggest that layoffs are rare. In recent months, the near-record-low numbers of claims have provided the strongest signal that the recovery is headed toward more growth and more job creation, not yet petering out.”
Since the passage of tax reform in late 2017, companies across the country have increased hiring and reinvested in the American workforce. Earlier this week, Kroger announced it was hiring 11,000 new workers on the heels of boosting pay because of tax reform earlier this year.