Jobless Claims In The United States Fell to Lowest Ever Since 1973

The number of unemployment benefits claims in the United States last week dropped to its lowest level in more than 41 and a half years (1973).

President Obama's tenure has seen a continual pace of jobs over the past months, with July being no different.

Initial claims for state unemployment benefits fell 26,000 to a seasonally adjusted 255,000 for the week ended July 18, 2015. Payrolls increased 223,000 in June after rising 254,000 in May. Job growth has exceeded 200,000 in 14 of the last 16 months and at 5.3%, the unemployment rate is close to the 5.0% to 5.2% range that most Fed officials consider consistent with full employment.

The outlook also for the U.S economy is looking very optimistic as a gauge of future economic activity increased during the month of June.

Most analysts are of the view that the bullish jobs outlook, coupled with a robust housing market, brings the United States Federal Reserve (FED) a step closer to an interest rate hike this year.