The country has added jobs for 86 consecutive months — the longest streak on record — according to the Labor Department. Its numbers date back to 1939.
The unemployment rate has ticked down to 4.1%, the lowest level since 2000. Compare that to 10%, which it reached in October 2009, when the economy was in shambles. Experts say that the current low rate shows it won’t get much better than this.
“The overwhelming evidence from the labor market is that the economy is, in fact, at full employment,” says David Kelly, chief global strategist at JPMorgan Funds.
Americans seem to be shedding some recession scars. Consumer confidence is near itshighest level in 17 years, fueled by a strong job market and the Republicans’ long-anticipated tax reform plan, which was signed into law last week.
And jobless claims have reached their lowest level this year since 1973. The labor force was much smaller back then.