The Department of Labor shocked financial experts this week when they revealed Americans have yet to recover from massive job loss. Weekly jobless claims rose to 744,00 – far exceeding economist predictions.
Economists forecasted a decline to 680,000 jobless claims from the 719,000 of the previous week. This marks the second week Biden was unable to turn around unemployment numbers. The Biden administration has largely ignored the jobless crisis, deciding instead to focus on gun control and so-called infrastructure.
Jobless claims can be volatile week to week so economists like to look at the four-week average. This rose by 2,500 to 723,750.
Continuing claims, which get reported with a week’s lag, fell to 3,734,000, a decrease of 16,000, in the week ended March 27.
Including new programs for gig workers and small business owners, the total number of continued weeks claimed for benefits in all programs for the week ending March 20—the most recent data available—was18,164,588, a decrease of just 50,862 from the previous week.
Many states eased or eliminated restrictions on businesses, including restaurants and bars, in March. Forty-three states are now mostly open. This has led to a surge of economic activity. As well, the American Rescue Act authorized $1.9 trillion of stimulus money, although only a small fraction of that has been spent so far.
Author: Asa McCue