FileUnemployment

Lowest Unemployment Ever in The Last Half Century

Updated : June 12th, 2018

President Donald Trump broke protocol and tweeted that there was a positive job report with the lowest unemployment. However, the current Federal Rule states that the executive branch employees are required not to comment on major economic reports.

This jobs report is usually kept under wraps till the Labor Department publishes it at 8:30 am. Here investors can misuse this data before it becomes public.

Lowest Unemployment Ever in the Last Half Century

The jobless rate further dropped to 3.8% in May and there was a sign of a strong economy with a tight labor market. The employed percentage of America’s population stands at 60.4% which is still below pre-recession levels.

Josh Wright, Chief Economist at iCIMIS expressed, “This fell for several reasons with more people joining the labor market and several employers digging deeper into the pool of unemployed.” They have got the lowest unemployment rate since 1969 and the only other time it this low was in April 2000.

The increase in jobs paint a picture of the economy that determines the opportunities that almost anyone can get a hold of. Constantly, there is a thin gap between black and white unemployment which has tapered down to its lowest ever Black Unemployment rate.

There are several job openings based on the African- American and Asian-American that has seen a steady decline. This has seen a drop in low-education workers and teenagers. This includes the age category of 16-19 years which has fallen from 14.1% to 12.8%.

America’s population stands at 60.4% which is well below the pre-recession levels. This economy has added 223,000 jobs in May and this has constantly enhanced the economy. This can be found in key sectors like retail, health care and construction. While the economy added 207,000 jobs this month, it improved at a faster pace which is better than the average last year.

Wright expressed that the US economy has this incredible head of steam and this is the second-longest streak over the last nine years. Employers have added jobs every month and these wages have increased by 2.7% which is also higher than the previous year.

Though wage growth has picked up in recent months, economists are puzzled at how long it would take for it for it to climb faster. This job market works with employers that are typically looking to attract workers for a favorable wage. The last time unemployment was this low was in 2000 when it grew at the pace of 4%.

Similarly, there has been a boost in productivity and inflation which has seen its previous periods of growth increase based on the base wage rate. For workers, there has been an erosion of bargaining power that played its role.

The other explanation for this economic phenomenon is based on how the younger people and those reentering the job market would fill positions. Also, this could be based on whether they are better-paid veteran workers, and those that retire or look for new positions at another job site.

While uncertainties have been swept under the rug, there are several economists that express that this will increase competitions and jobs in the process. Several companies look to announce pay hikes and there are several benefits that would look to draw workers to their businesses.

One such business is Costco and this would raise wages for US employees from $1 to a minimum of $14 per hour. Additionally, bond yields have jumped significantly as the dollar inches higher.

While many exclaimed that is would be unwarranted for, this is welcome news for several aspirants that have been constantly looking for opportunities.

    1. Jose,

      We’re not a scam or a fraud website:) fileunemployment.org has been around for more than 10 years and we’re one of the leading forums for unemployment insurance and unemployment in general. Our daily visitor and patron base is of considerable size and we truly believe in being a center for jobless workers to access resources and share their queries.

  1. I’m attemptiing to file my first weekly claim since my layoff, however, my PIN# is not correct. what do I do to get my correct PIN# , please?

  2. I have exhausted my unemployment benefits in Texas but my calendar year does not end until September. Do I have to wait until the calendar year is over in Texas, to apply for unemployment benefits in New York in which I have available quarters?

    1. Mattie,

      As much as I am aware, UI benefits are only a one-time cycle. Please call the Claims Center for clarification.

  3. Help ran out of unemployment benefits for the pass 8 years i have worked at Hexion speciality chemical plant in Brady Texas how can i get my benefits extended

    1. Roderick,

      The E.U.C(Emergency Unemployment Compensation) remains expired. There is no extension available. Please inquire further with the labor authorities in your state by calling them.

    1. Annette,

      You can visit the official website of the Unemployment Office and ‘login’ to check the claim status. Alternatively, you can also call the Claims Center.

      PS: It should not take 6 weeks to process the initial claim. Please chase at regular intervals.

    1. Jocelyn,

      Unemployment is offered to claimants who’re able and available for work. Please call the Unemployment Office to ascertain if you can apply.

  4. I have been working for the same company for the past 11 years. I started out cleaning apartments, then landscaping and finally Asst. Manager for the past seven years. However, the owner/ manager had us all sign papers claiming we were “Independent Contractors.” I worked Monday thru Friday from 8am – 5pm the entire 11 years. Obviously, in reality, we had Never been “Independent Contractors.”
    Finally, October 2018 we became employee’s. On May 10, 2019 he sold the business which puts us all out of work. I tried filing for unemployment, but, I don’t have enough quarters in. Assuming I’m still out of work, can I wait for the next quarter to end, thus giving me the 2 quarters I need or will it not make a difference.

    1. Lea,

      Why don’t you look at alternate based period? Please use the link below to access the Base Period calculator.

  5. I have been working as an hourly employee for the last 4 months. Currently the board of the nonprofit agency came to me and told me that I had to file a 1099 or go to part time or find a new job. I have a scheduled time that I report to work. What are the laws here in Florida about who can receive a 1099

  6. I am unemployed and currently going to a community college. How can I apply for federal assistance?

    1. Carol,

      If you’re able and available for full-time employment, you can directly go to the website of the Unemployment Office and apply.

  7. I have worked in AZ since March 2016. However, I moved lived and worked for my employer in CA since 08/02/1982. Can I apply for Cali unemployment benefits?

    1. Robert,

      You should be applying from the state where your employment was based. Employers generally remit unemployment taxes to the state where the employee is based.

      1. How long does it take Washington state unemployment to deposit your back pay after they receive the determination letter from OAH stating I won my appeal?

  8. I have been trying for over a month to file and I still do not seem to be able to do it, but I finally got to the correct place, I think.

  9. Cumberland NJ Unemployment Center kept me on hold for 2 hours; I finally had someone answer my call, after providing my information and question regarding the status of my NJ Unemployment Claim the representative disconnected my call.

  10. Excellent list of things to help execute better. Even taking 3 or 4 of these that one does not currently utilize could help immensely.

    1. How did you calculate the total weekly Illinois benefit of $1495? Also, why isn’t Washington and Minnesota listed in your top 5 states with the highest paid unemployment insurance compensation?

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