Americans collecting unemployment checks lowest in 16 years

The number of Americans collecting unemployment benefits fell in late April to a nearly 16-year bottom, while initial jobless claims have been below 300,000 for 61st straight week. 

Some 2.12 million people collected weekly unemployment benefits in late April, tumbled 82% after hitting a record 11.6 million in early 2010, when the U.S. was in the early stages of a recovery following the Great Recession. 

The last time fewer Americans were collecting unemployment checks was in November 2000, shortly before President Bill Clinton exited the White House. 

Initial jobless claims, meanwhile, climbed by 17,000 to a five-week high of 274,000 in the last week of April. Despite the increase, new claims have been below the key 300,000 mark for 61 straight months, the longest stretch since the waning stages of the Vietnam War. 

The economy has created an average of more than 200,000 jobs a month since 2014, knocking the unemployment rate down to 5%. Low jobless claims have contributed to marked improvement in the labor market over the past several years. The unemployment rate falls more quickly when hiring is strong and fewer people are being laid off. 

The U.S. job market is pretty strong now, and the employers are desperately looking for skilled foreign workers. It is time for you to update your career profile and pitch potential employers now!