ECONOMY: Applications for U.S. jobless aid decline

The number of Americans seeking unemployment benefits dropped significantly last week, a sign of a robust job market. Weekly requests for jobless aid fell 28,000 to a seasonally adjusted 235,000, the Labor Department said Thursday. That is barely above the 233,000 jobless claims achieved in late November, the lowest weekly total since 1973. The less volatile four-week moving average for claims fell 5,750 to 256,750. The low level of applications for unemployment benefits suggests that employers are holding onto workers and likely looking to add jobs. Weekly claims have stayed below the critical threshold of 300,000 for 96 straight weeks, the longest streak since 1970.

to be going up, the equity market will do a little better because of all these proposed ideas,” Chan said.

Trump’s plan to increase infrastructure spending “to the tune of almost $1 trillion over the next 10 years” will boost the economy, while technology will continue to improve productivity and Americans will have more money to spend as jobs increase and they pay lower taxes, Chan said.

Additional purchasing power could help the struggling brickand-mortar segment of the retail industry, although online sales will continue to grow, he said.

Job growth should boost the housing sector, he said, noting there is a shortage of houses for sale in the $250,000-and-less price range.

“We, in fact, are now seeing consumer confidence moving to the highest levels in close to 15 years,” he said.

Chan said he thinks the Trump administration will be able to avoid a trade war, and that manufacturing — an important part of Wisconsin’s economy — could benefit from a border adjustment tax.

He said he anticipates a pickup in inflation, but the Federal Reserve seems prepared to help manage it.