According to the US Labor Department, applications for unemployment aid fell to a 14 year low on Thursday. Applications fell by 23,000 to 264,000. This represents the lowest number of applications since April of 2000.
The less volatile four week average fell 4,250 to 283,500. The four week average is at its lowest level since June of 2000.
The US job market is the healthiest it has been in years. The economy has added 2.64 million jobs over the past 12 months, the most since 2006. The number of available jobs is at a 13 year high, which means hiring should continue at a brisk pace in the coming months.
The US is showing strength while the economic picture around the globe is not so rosy. Weakness in China and Europe has the price of crude oil plummeting, which is why you may have noticed lower prices at the pump. Cheaper fuel prices will put more money into consumers pockets this holiday season, which should further enhance our consumer driven economy.