Washington D.C. – It was in the early 2000’s that America last held its lowest unemployment record, and now for the first time we are matching it in 2015. There was initially hope that even more jobs would be added to the market across the US in the first quarter of 2015, but weather played a big factor in deterring that. Despite the snow keeping job growth lower than expected, the number of people filing for unemployment has remained steady at a historic low. There have been some ups and downs, but overall the economy has maintained a positive momentum in the past year or so.
A Healthy American Economy Maintains Historically Low Unemployment Claims In 2015
Not only does the unemployment rate hover around 5.5% currently (a nearly institutional level) but the number of claimants filing for unemployment benefits is also lower. The US economy had been able to put more people back to work in recent years while recovering from a long-standing economic disaster that affected many sectors. There are still a lot of people struggling to make a livable wage across the country, as evidenced by cries for a higher minimum wage, but there is going to be progress made there as well.
Though the federal government has yet to move towards a higher minimum wage across the country, there are talks in progress. Most of the initiative behind raising the minimum wage has come from local governments, some of which have voluntarily increased their minimum wages in areas like Seattle, Washington. Other progress is set to begin later this April when Walmart stores institute their new national minimum wage of $9.00 per hour for all of their employees. This would move Walmart from one of the lowest paying employers in the country, up to a more average wage level. Later on in 2016 Walmart has announced their plans to raise their minimum wages at all of their stores to above $10.00 per hour.
A combination of factors must be met before the Middle Class and lower classes in America can fully feel comfortable with our economic recovery, but there is no doubt that progress is being made. A low consumer price index is also going to play a factor in the purchasing power of American households, offsetting the fact that wage growth has yet to see much improvement in recent years.
A Healthy American Economy Maintains Historically Low Unemployment Claims In 2015.