Unemployment applications at 40 year low

News

WASHINGTON (WLNS)- The number of Americans applying for jobless benefits is at a 40 year low, which might suggest that employers aren’t worried about the low economic growth in the first few months of 2016.

According to the US Labor Department, application for unemployment benefits fell to 247,000, which is the lowest since 1973.

In addition, applications have been below 300,000 for 59 weeks straight, again the largest consecutive streak since 1973.

Applications for jobless benefits are a sign of layoffs, so these low numbers suggest that employers might even be looking to hire. This could be a positive sign for the economy, despite the rocky start this year.

In Michigan, the unemployment rate is at 4 percent. According the Labor Department there are around 230,000 people claiming unemployment benefits.

The Michigan city with the highest unemployment is Detroit’s 10 percent and Grand Rapids is the lowest at 3 percent.

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