Improving U.S. Job Market in the wake of President Obama’s State of the Union Address
Americans filing new claims for unemployment benefits fell more than expected last week, offering hope of an improving job market.
The Labor Department reported Thursday that initial jobless claims fell 27,000 to a seasonally adjusted 341,000. The 4-week moving average was 352,500, an increase of 1,500 from the previous week’s revised average of 351,000, after reaching a five-year low two weeks ago.
The recent snowstorm in Connecticut seems to have had little impact on the data.
Earlier this week, President Obama used his State of the Union address to lay out his plan to strengthen the middle class. In Asheville, NC earlier this week, Obama spoke more specifically about his commitment to making America a magnet for jobs and manufacturing so we continue to build thing the rest of the world buys.
On Tuesday, Obama offered proposals to revitalize the U.S. manufacturing industry:
- creating a network of 25 manufacturing Innovation Institutes
- reform the business tax code
- lowering the rate for manufacturers to 25 percent
- expanding and making permanent the research and development tax credit and
- putting in place a global minimum tax
- building new partnerships with communities to attract manufacturers and their supply chains and
- a dual effort to both open new markets for American-made goods and strengthen the Interagency Trade Enforcement Center launched last year.
“And the good news is what’s happening here is happening all around the country. Because just as it’s becoming more and more expensive to do business in places like China, America is getting more competitive and more productive, said Obama in Asheville, NC.