Last Week, The Number Of People Seeking Unemployment Benefits Was At An Eight-Year Low

July 24, 2014  |  

In encouraging economic news, the number of people who sought unemployment benefits sank to an eight-year low of 284,000 last week. That’s a 19,000 decrease. The last time we saw numbers like this was February 2006, two years before the economic meltdown.

“Applications are a proxy for layoffs. When employers hold onto their workers, it’s a sign of potential income gains, increased hiring and confidence that the economy will grow,” says the Associated Press. “The recent drop-off in unemployment benefit applications point to a substantial number of jobs added in July, raising expectations for the monthly employment report to be released August 1.”

At the beginning of this month, we reported that unemployment numbers for June had fallen to 6.1 percent, the lowest since the beginning of the recession. Job growth has been steady. The question has been who’s doing the hiring. Many of these jobs have been low-wage ones that don’t provide sufficient pay for families and their needs.

And, on that topic, there are still concerns about wages. The AP says wages have “barely matched” inflation during the economic recovery.

There will be demand for knowledgeable professionals in the tech industry for the foreseeable future, an area that does pay well. Something to keep in mind as you consider your career options.

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