Apr 08, 2016 03:59 AM EDT

U.S. Job Market Firming Despite Slwoing Economic Growth

The fewer number of Americans seeking for unemployment aid is proof that the employers and company owners are holding on to their employees and workers.

On Thursday, the Labor Department announced that "applications for U.S. jobless benefits fell 9,000 to a seasonally adjusted 267,000." Furthermore, the department said that "applications have been below 300,000 for 57 straight weeks, the longest streak since 1973."

These numbers also suggest that the labor market countrywide is continuously strengthening despite the unstable economic growth.

"The persistently low level of claims should provide some reassurance that the economy is growing, even if that growth appears more sluggish that most would have hoped a few months ago," said Jim Baird, chief investment officer at Plante Moran Financial Advisors in Kalamazoo, Michigan.

According to Reuters, recent data gathered about consumer spending, international trade, and business investment reveals that the economic growth has decreased by 1% annualized rate in the first quarter of this year. This came after expanding at an "anemic 1.4 percent pace in the fourth quarter."

Furthermore, based on data, there are more or less 2.4 million people who joined or re-entered the job market between September and March. This number is considered to be the second-largest increase in the labor force over a six-month period on record.

"The labor market is on a solid footing. Layoffs are low, hiring is good, and workers who do lose their jobs are finding new ones quickly," said Gus Faucher, deputy chief economist at PNC Financial in Pittsburgh.

For instance, there were 215,000 jobs made available to job seekers last month. This number is on top of the already 245,000 positions that were for grabs in February. This lifted the unemployment rate one-tenth of a percentage point to 5 percent.

"The fears of world economic growth (slowing) are not causing a concern for business owners here in the U.S. with all the help wanted signs up in the windows," said Chris Rupkey, chief economist at MUFG Union Bank in New York.

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