Donald Trump’s presidency may be marred by the seemingly never-ending investigation into alleged Russian collusion, deep state “resistance,” and a hostile media, but his leadership and the Republican control of the House and Senate are helping to spur an undeniable economic boom.
On Thursday, U.S. Labor Department numbers indicated a near 50-year low in workers’ unemployment benefit filings. The Hill reports:
Initial claims for state unemployment benefits fell to a seasonally adjusted 203,000 for the week ending Sept. 1, a drop of 10,000 from the previous week, the lowest level since December 1969, the Labor Department said on Thursday.
The four-week moving average, which is a better indicator of where the job market is headed, was 209,500, a decrease of 2,750 from the previous week, the lowest level for this average since Dec. 6, 1969 when it was 204,500.
The Trump administration ushered in a strong 4.2% GDP (gross domestic product) for the April-June quarter, the fastest rate since 2014’s third quarter, reported Reuters.
There has also been a significant drop in the number of Americans who’ve had their hours cut to part-time or can’t find a full-time job:
Additionally, the national unemployment rate has dropped to just 3.9%, per the Bureau of Labor Statistics. In July, unemployment for Hispanics hit a new record low at 4.5% and Black unemployment hit 5.9% in May, the lowest it’s been since 1972.
Unemployment figures for August are set to drop on Friday.