Unemployment Falls to Its Lowest Level Since 1973

The latest data from the Labor Department shows the number of Americans on the unemployment roll fell to its lowest level since December 1973.  There are 1.77 million Americans currently receiving unemployment benefits.  The jobless rate is now at or near a 17-1/2-year low of 3.9 percent. The labor market is now viewed as being close to or at full employment. 

The falling level of continuing claims underscores a tightening labor market which economists expect to result in accelerated wage growth in the second half of the year.

The Labor Dept. report mimics the growing reports from employers that there are a high number of jobs going unfilled. According to the latest government data, a record 6.6 million jobs went unfilled in March.