Unemployment rates dropped to the lowest levels since 1969, showing a large improvement in the economy.
According to The Hill, the Labor Department reported that unemployment claims fell to 203,000 for the week ending September 1, which is lower than the 1969 number of 204,500. The unemployment rate is also expected to stay at the mid-3 percent range.
House Speaker Paul Ryan (R-Wis.) spoke about the report, attributing the numbers to tax reform.
“This is the best job market we have had in decades,” Ryan said. “[…] Tax reform is working, families are better off, businesses are hiring, businesses are expanding, manufacturing is booming.”
Watch the video below:
This is the best job market our country has had in decades. The last time the number of Americans filing for unemployment was this low was December 1969. Next up→ helping more people move from welfare to work. pic.twitter.com/7oFKaoNNnz
— Paul Ryan (@SpeakerRyan) September 6, 2018
Ryan also spoke about the fact that those employed at lower-wage jobs are making more money and that the returns that businesses get with the new tax plan may have an impact on this.
“Workers in what are traditionally considered lower-wage jobs — the baristas, the bank tellers, the maintenance workers — they are seeing some of the biggest pay increases right now, and we expect this trend to continue,” Ryan said.
A job creation report showed that the private sector created 163,000 jobs, which was the lowest since October 2017. Mark Zandi, the chief economist of Moody’s Analytics, believes that this will not slow down the economy due to the competition.
“Employers are aggressively competing to hold onto their existing workers and to find new ones,” Zandi told The Hill. “Small businesses are struggling the most in this competition, as they increasingly can’t fill open positions.”