WASHINGTON -- New applications for U.S. jobless benefits unexpectedly fell last week and the number of Americans on unemployment rolls hit a 28-1/2-year low, pointing to a rapidly tightening labor market that could encourage the Federal Reserve to raise interest rates in June.
Initial claims for state unemployment benefits dropped 2,000 to a seasonally adjusted 236,000 for the week ended May 6, the Labor Department said on Thursday. Claims for the prior week were unrevised.
Economists polled by Reuters had forecast first-time applications for jobless benefits rising to 245,000.Some of this reflects long-term unemployment which has placed the labor participation rate at a historic low.
But the drop also reflects the decision last fall to replace our first Marxist president with a true capitalist. Many businesses are expanding as profits and earnings rise.
On November 8, 2016, the American people said, "Trump the Establishment!"
Now read the book that explains how and why the press missed this historic the election.
It is available on Kindle, and in paperback.
And then read the original, "Trump the Press," which chronicled and mocked how the media missed Trump's nomination.
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