The United States economy is recording sky-high job growth, while first-time applications for jobless benefits dropped to the lowest figure since 2000. This indicates a robust job market and low layoff rates.
A Labor Department report on Thursday indicated that unemployment claims dropped to a season-adjusted 267,000. That was for the week ending June 13, according to NYC News.
Applications for jobless benefits have stayed under 300,000 at historically rock-bottom levels for 15 weeks. This shows a healthy labor market.
These figures also show that employers are optimistic about future consumer spending, which results in a lower jobless rate. That boosts American workers' job security.
The U.S. unemployment rate was 5.5% in May, a 0.1% uptick from April. It indicates that more unemployed Americans are looking for new jobs, resulting in a larger job market and thus higher unemployment figures.
Aside from fewer applications for U.S. unemployment benefits, other economic indicators show that the economy is improving. 280,000 new jobs were added in May, according to Washington Examiner.
In addition, consumer spending was up last month. Meanwhile, the sales figures for retail stores and new autos had their highest rate increases since 2005.
Furthermore, gas prices rose last month. As a result, U.S. consumer prices showed their highest increases in over two years.
With several signs of a strong economy such as figures for U.S. unemployment benefits, it seems highly likely that the Federal Reserve will boost interest rates later this year. However, Fed Chair Janet Yellen has stated that she first wants to see more solid evidence that the labor market has fully recovered. Time will tell.