Unemployment insurance claim in the UK rises to a record low, as unemployment hits record low level
WASHINGTON (AP) Unemployment insurance claims rose to a seasonally adjusted record low of 564,000 last month as workers held out hope that a new federal law would help ease the economic strain of the global economic downturn.
The number of unemployment claims rose by 2,000 to 554,000 in October.
The Labor Department said Friday that the number of people claiming unemployment benefits dropped by 3,000 during the month.
The rate of unemployment is the number that employers need to hire to keep their workers in work.
It is the lowest level since February 2013.
The federal unemployment benefits office says the unemployment rate is at 4.9% and is the highest since November 2013.
In October, 5.1 million people were unemployed.
The unemployment rate was 7.7% in August.
The economy is in a “very positive” mood, President Donald Trump said during a news conference.
He called the economy “recovery ready.”
The economy grew at a 2.2% annual rate in the third quarter, down from a 3.6% pace in the fourth quarter.
Economists say the economy will be a lot stronger in the next quarter if the new bill passes.
Trump has said that he supports the idea of a bill to provide more help to Americans.
The Republican-led House approved the bill on Friday and the Senate will vote next week.
The president is expected to sign the bill, known as the Supplemental Nutrition Assistance Program (SNAP), next week or early next week as lawmakers begin debating the bill.
Republicans and Democrats are trying to pass the bill before Congress adjourns on Tuesday.
The new law would give states greater flexibility in their welfare programs to cover people who need it most, such as those who have been laid off, or have been injured or lost their jobs.
The law would also give states more flexibility to spend the money they receive to cover more people, which could be beneficial to some states.
The bill would also allow states to increase the minimum wage to $9.00 per hour over the next two years, and to set maximum weekly hours for food stamp recipients.
The measure has bipartisan support, and many economists say it would boost the economy.