30 Second Update – Week of September 3rd, 2018

Happy Labor Day!

Labor Day is a yearly, national tribute to the workers that have contributed to the strength, prosperity and well-being of our country. The first Labor Day was held on September 5th, 1882 in New York City, organized by the Central Labor Union.

Speaking of the U.S. Labor Department, jobless claims are reported every week and show the number of individuals claiming unemployment for the first time. In August, a milestone has been reached because the number of individuals needing assistance has reached an all-time low, even with a larger workforce. “Claims” have fallen to their lowest level since 1969! An interesting report also showed that the number of people receiving benefits after just an initial week of aid is dropping, as well. A strong U.S. labor market is tied to a strong economy, and a strong and healthy housing market.

Fun Facts:

  • Oregon was the first state to celebrate Labor Day as a legal holiday in 1887.
  • Americans worked 12-hour days, 7 days a week during the 19th century!
  • The football season starts on or around Labor Day every year for all levels!
  • Traditionally, people did not wear white or seersucker clothes after Labor Day, as it unofficially marked the end of summer.