As an indicator of how well the economy is doing, jobless claims just hit a near 50-year low.
But that’s apparently not the best news from this report:
AXIOS – U.S. employment numbers continue to get better. Data released yesterday showed the number of Americans filing for unemployment benefits fell to its lowest in almost 50 years last week.
More important than the single print was the direction of the trend. The 4-week moving average of initial claims fell to 201,250 last week, the lowest reading since November 1969.
That sustained trend, considered a more reliable indicator because it irons out week-to-week volatility, shows the labor market is consistently moving to historically low levels of unemployment, even if the metrics are a bit distorted.
Sustained trends show the labor market is “…moving to historically low levels of unemployment”!
That’s huge news and you’d think Democrats would be so happy about this.
But even if they were (and they aren’t because they are hypocrites), I doubt you’d hear much about it from the media, especially with the Mueller report obsession being front and center right now.