Recent surveys reveal that fewer Americans are seeking for unemployment benefits, and the jobless claims in the US continue to fall. The continued decreasing level of job applicants means that the US job market is slowly healing after the Recession.
Reports from the Labor Department show that the weekly job applications have gone down to 294,000 this week, after less than 3000 applications were sent. In the last 12 months the average per-week of applicants has gone down by 10%.
The weekly jobs applications have been less than 300,000 in the last 12-13 weeks, which is something that has not happened before, which can only mean that the US economy is continuing to grow and recover. Analysts said that the number of US citizens who have collected unemployment benefits has gone up to 142,000 in the last week of November. There were approximately 2.51 million people who collected the benefits, the largest increase per week in almost two years.
Jennifer Lee, one of the economists at BMO Capital Markets, said the recent increase is not really that important because the weekly changes are volatile and could turn the other way around at any time.
Economists say when fewer people are seeking for unemployment benefits, it means that the employers are keeping their workers and increase the hiring to accommodate the demand for their products and services.
The fact that jobless claims in the US continue to fall it means that the US economy is recovering and in November it had gained almost 321,000 jobs. The Labor Department said this is actually the highest monthly total of jobs in almost three years.
The US unemployment rate remained steady at 5.8% this week, which is down from the last year’s 6.7%.
In the first part of 2014, US employers have added approximately 2.65 million jobs, which makes the year 2014 the best for hiring since 1999.
Also, the average hourly wage has gone up by 9 cents, reaching $24.66. This is the highest increase of hourly wage in almost 17 months. Economists revealed that in the past 12 months, the hourly wage has gone up 2.1%, a little over the 1.7% inflation rate.