US President Joe Biden ignores increased unemployment rates
Recent reports expose a rapid increase in weekly jobless claims. According to the Department of Labor, the number went as high as 861,000. Thursday’s report shocked people across the nation.
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Economists predicted that claims would fall to 768,000 from the 793,000 they had for the prior week. The previous week’s number was revised up by 55,000 to unexpected 848,000.
Jobless claims vary from week to week, and economists focus on the four-week average. It fell to 833,250, which is 3,500 below the previous week’s average number.
Unfortunately, jobless claims are still high. Prior to the coronavirus pandemic, the highest peak of claims reached 695,000 in October of 1982. In March of 2009, in times of financial crisis recessions, jobless claims hit 665,000.
The economy may be creating a demand for workers, but businesses tend to cut employees in order to adjust to the current situation. When it comes to high-pressure labor markets, employees succeed in finding new jobs and some of them don’t show up on the employment rolls. Today, workers who lose their jobs are unable to find a new one and have to apply for benefits.
About 6.87 million claims were made in the week of March 27 which is ten times the previous record. In July, the labor market exploded and claims went around one million in August. Claims went down in September, and made slow progress until the presidential election.
Continuing claims dropped by 64,000 to 4,494,000.
Self-employed workers and small business owners offer relief to the situation. The new programs offer unemployment benefits to citizens. The total of continued weeks claimed for benefits in each and every program for the final week of January was 18,340,161. It’s a decrease of 1,325,567 from the previous week.
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Source: Breitbart
