The number of people filing for unemployment benefits in the U.S. has decreased and its close to prerecession levels, The Wall Street Journal reported.
The initial jobless claims dropped by 27,000 resulting in a seasonally adjusted total of 300,000 claims at the end of the week of May 24, according to the U.S. Department of Labor. The four-week moving average, which levels out the fluctuating weekly numbers, was 311,500. This is the lowest average since August 11, 2007.
Weekly unemployment benefit claims have consistently been below 350,000 since March, according to The Wall Street Journal. It's a sign of a growing workforce when claims are below 400,000. It's also rare to see claims below 300,000 on a consistent basis, according to RBS Securities economist Omar Sharif.
The number of workers continuing to receive unemployment benefits is also down, according to the DOL. For the week ending May 17, the seasonally adjusted number of workers drawing benefits was 2,631,000, which is the lowest it's been since November 2007.
The DOL stated there were no special factors affecting the information, and when jobless claims continually decrease, it's often a sign businesses are added new jobs, according to The Wall Street Journal.
Businesses in Illinois that have new positions should partner with Chicago recruiters to find the most qualified candidates for the jobs.