Weekly Unemployment Claims Far Exceed Expectations

Weekly Unemployment Claims Far Exceed Expectations

Weekly Unemployment Claims Far Exceed Expectations

The latest weekly jobless claims report shows a sizable jump, well above last week’s figures and breaking experts’ expectations, yet another sign that the job market under Biden is reeling.

CNBC Reports that claims for the week ending July 17 rose to 419,000, a significant gain from the prior week’s revised figures and “well above expectations.”

“Initial filings for unemployment insurance totaled 419,000 for the week ending July 17, well above the Dow Jones’ 350,000 estimates and more than the revised upward 368,000 from the prior period,” they write.

CNBC describes the rally as “unexpected,” a term that the media used repeatedly during the Obama-Biden administration to create an air of randomness to the economic woes caused by the occupant of the White House.

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Unemployment claims on the rise

The two-month high in jobless claims, which Reuters you also notice the “unexpected” pushed down the major Wall Street indices.

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Republicans have complained that unemployment benefits have been too attractive, preventing people from being motivated to enter the workforce.

Speaking in a town hall last nightPresident Biden responded by telling a concerned restaurant owner that the key to getting people back to work is simply paying them more.

“I guess people who pay seven or eight dollars an hour plus tips, that’s … I think John, now you’ll find 15 dollars an hour or more,” he told the owner who had said, “you already pay staff $ 15. The time “.

“My instinct tells me that… there are many people who are looking to change their occupation. But I could be wrong, ”he said. “I think it really is a matter of people deciding now that they have the opportunity to do other things and there is a shortage of employees.”

Biden suggests that people are not leaving the workforce, but are simply changing careers and pursuing higher wages.

All very well, except for two prominent economists. he pointed earlier this month that “the national labor force participation rate … had stagnated.”

RELATED: Report: Half of Pandemic Unemployment Assistance Money May Have Been ‘Stolen’

Biden: No signs unemployment benefits are to blame

Biden proceeded to tell the business owner that he sees little evidence that unemployment benefits have been affecting jobless claims.

“I don’t see evidence that it had a serious impact. But it can be discussed ”, explained the president. Suppose you did. It is coming to its end “.

Yet why are they coming to an end, Joe?

“Complaints from companies that they cannot find enough workers have led 22 states to prematurely terminate a federal unemployment benefit of $ 300 a week, in addition to state unemployment aid,” according to the Associated Press.

Also during town hall, President Biden claimed that massive spending actually reduce inflation.

Hey i was quoting an analysis that suggests that his spending proposals will promote economic growth without increasing inflation.

“Moody’s today, a Wall Street firm and not a liberal think tank, said that if we pass the other two things that I’m trying to do, we will actually reduce inflation, we will reduce inflation, we will reduce inflation,” Biden said.

Aside from weekly jobless claims, gasoline prices and general prices are on the rise during Biden’s presidency.

A leading Democratic pollster is warning the party that the American people are beginning to feel the effects of those rising prices.

“Celinda Lake, who conducted a poll for Biden’s presidential campaign and still advises Team Biden,” told Axios that “inflation concerns are coming out loud and clear both in public polls and in their own focus groups.”

In Scranton, Pennsylvania, some people told CNN that the price hike is “the worst it’s been in a long time.”

There are still more than 12 million people claiming unemployment in the United States.

In 2019, the number what 5.8 million.

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