Unemployment Claims Drop to Lowest Number in 45 Years

The total number of workers claiming unemployment insurance fell to the lowest level in 45 years, the Department of Labor reported Thursday.

In the first two weeks of 2018, the number of applications claiming unemployment insurance benefits dropped by 41,000 to 220,000, the lowest recorded number since Feb. 24, 1973, when the number was 218,000, the Labor Department reported. The numbers came out one week after the department announced the total number of workers who actually receive unemployment insurance fell to the lowest level in 44 years at the end 2017.

The number is a positive sign for the economy as it implies fewer people are unemployed in the U.S.

The total number of people claiming unemployment benefits in the U.S. has continued to decline since President Donald Trump took office. During the last week of April 2017, 1.9 million people received unemployment insurance benefits.

Unemployment benefits are available for up to 26 weeks in most states and pay eligible workers up to $450 per week.

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