No doubt about it this is good news. However there is always a “but.”
The “but” is that wage growth is not strong despite this good news. And we’ve yet to digest what the post Great Recession (acute phase) employment situation really is.
Is it the gig economy? Is it something else? Is it a manufacturing renaissance? Is it a population just primed for the robotics hammer to fall on it?
We’re figuring it out.
The number of out-of-work people collecting unemployment checks fell to a 17-year low in April, underscoring the strongest U.S. labor market in years.
So-called continuing jobless claims fell by 49,000 to 1.98 million, marking just the second time they’ve fallen below 2 million during the current eight-year-old economic expansion. Continuing claims also dipped below the 2 million mark in March.