According to U.S. Labor Department figures released on Thursday, filing for unemployment benefits has fallen to the lowest level in almost 45 years,
Nearly 30,000 less jobless claims were filed than expected by leading economists.
It also sounds like some companies are having a hard time even finding workers. More on the amazing new statistics from Breitbart:
Jobless claims fell by 410,ooo to 220,000, far below the 249,000 expected by economists. That’s the lowest level since 1973. The drop in claims suggests that employers are holding on to employees as the labor market tightens. The numbers may also reflect companies’ reaction to the tax cuts, with some employers being hesitant to let employees go so soon after a massive corporate tax cut.
On Wednesday, the Federal Reserve’s beige book cited anecdotal evidence that some employers are having trouble finding workers to fill positions in manufacturing and construction. That could point toward rising wages as employers offer better compensation to lure away already employed workers.
It’s likely that the official unemployment rate, already very low at 4.1 percent, could fall even further.
Fourth Quarter GDP Looks Stronger. The Atlanta Fed’s latest forecast for gross domestic product, a broad measure of economic output, rose Thursday to 3.4 percent.
It was boosted by the Fed’s release of industrial production figures a day earlier. The New York Fed’s forecast, due to be updated Friday, stands at 3.9 percent.
These are some of the final forecasts of GDP before the official figures are released January 26.
At this rate, cable news networks will be completely boycotting reports on the economy by July.
Economy? What’s that?