Unemployment indicator hits historic low – and it could get even better

Unemployment indicator hits historic low – and it could get even better
Under President Donald Trump, an indicator of unemployment has dropped to a level unseen in almost 45 years. (Pete Marovich/Getty Images)

The Labor Department reported that an unemployment indicator has plummeted to the lowest in almost 45 years.

Here’s what they found

Jobless claims fell by 41,000 to 220,000, hitting the lowest level since February 1973. This represents the biggest drop since April 2009.

Bloomberg News reported that the figures indicate companies are struggling to find skilled labor and are holding on to employees because of it. This also means that the already historically low employment rate could fall even further.

Skilled labor is most difficult to find in the manufacturing and construction industries.

The current unemployment rate is 4.1 percent, which represents the lowest rate in 18 years.

Political ramifications

President Donald Trump has been touting many of the statistics that point to robust growth in the economy since he won the presidential election and assumed office.

“The Stock Market is setting record after record and unemployment is at a 17 year low,” he tweeted in December. “So many things accomplished by the Trump Administration, perhaps more than any other President in first year. Sadly, will never be reported correctly by the Fake News Media!”

Many indicators had been improving under former President Barack Obama, but there has been a marked increase as Trump implements government practices that favor business, including lower taxes and deregulation.