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Since May, the claims for unemployment benefits are down to the lowest level in 28 years, the Department of Labor reported Thursday, according to the Washington Examiner.
Federal reporting shows that the number of unemployed workers is now at 19 million, the lowest since March 1998 when the U.S. workforce was much smaller.
Furthermore, the number of continuing claims are down to 1.95 million, the lowest since 1974.
The most recent numbers put unemployment at 4.4 percent, a number that economists once considered “full employment.” Indeed, this percentage is already below where the Federal Reserve thought it could go during a healthy economy.
The latest news comes after several past reporting periods showing a growing economy. In March, for instance, economists expected nonfarm payrolls to grow by 190,000, compared with 227,000 in January. But by the reporting period, authorities were surprised to find the economy added 235,000 jobs, far higher than expected.
Follow Warner Todd Huston on Twitter @warnerthuston or email the author at email@example.com.