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Economy: More people are working, earning and spending. That keeps productivity humming and capital forming

New applications for unemployment benefits lowest since 1969


By —— Bio and Archives--September 20, 2018

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New applications for unemployment benefits lowest since 1969
It was 1969. There wasn’t even $100 billion in the whole world! (At least that’s what Tim Robbins told Dr. Evil.)

The Miracle New York Mets were on their way to the World Series. Led Zeppelin released its first album. My baby sister was born. (Next year she turns . . . ah, you can work that out and I won’t get in trouble.)

Oh, and the U.S. economy saw a week in which there were fewer than 201,000 new applications for unemployment benefits. Why is that significant? Because that would not happen again until . . . now:

.

The number of Americans filing applications for new unemployment benefits fell to a new 49-year low for the third straight week, though Hurricane Florence’s effect on the jobs market remains unclear.

Initial jobless claims, a proxy for layoffs across the U.S., fell by 3,000 to a seasonally adjusted 201,000 in the week end

ed Sept. 15, the Labor Department said Thursday. It was the lowest level since December 1969, and less than the 210,000 claims economists surveyed by The Wall Street Journal expected.

Some economists are trying to explain this away by saying the hurricane kept people from going down to the unemployment office to apply. A more likely factor is that workforce participation is still historically low, and people who aren’t even trying to find work don’t apply for unemployment benefits.

But it would be one thing if we got this number in the midst of an economy that didn’t show any other encouraging signs. That is not where we are, though. We’re looking at 4.2 percent GDP growth and 3.8 percent U3 unemployment, along with corporate profits that were 16 percent higher than the year before in the same period. And wages are starting to rise to keep pace with the growth, which is always going to happen when labor is in high demand and low supply.

More people are working, earning and spending. That keeps productivity humming and capital forming.

Why anyone would want to put Democrats in charge of Congress in the midst of all this happening . . . simply boggles the mind.


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Dan Calabrese -- Bio and Archives | Comments

Dan Calabrese’s column is distributed by HermanCain.com, which can be found at HermanCain

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