Contrary to the Republican narrative, unemployment rates and benefits claims typically decrease while a Democrat is in the White House. Applicants for unemployment benefits have now fallen to a 42-year low.
From October 4 to October 10, jobless claims decreased by 7,000 to a seasonally adjusted 255,000. Claims are registered when one loses their job and files for unemployment benefits. Weekly claims are the lowest they’ve been since 1973, and significantly lower than when President George W. Bush left office.
On average, the monthly number of claims fell by 2,250 to 265,000. The information shows that employers, despite slowing hiring, are hanging on to employees and avoiding layoffs. The week ending on October 3 enjoyed continuous decreases in jobless claims to 2.16 million nationwide, the lowest in 15 years.
For more on this story, visit MarketWatch “Jobless claims match 42-year low”