Biden’s ‘Recovery’: Jobless Claims SKYROCKET, Jump 51,000 in Just 1 Week

 

“Build back better” was a phrase often heard from Joe Biden and the Pravda-dems in the leadup to the sham 2020 election.

This was after President Trump created the most vibrant economy in US history prior to the Coronavirus.

Well…

In the most recent report from the US Labor Department, the number of Americans who filed for initial jobless claims skyrocketed by 51,000 in just one week.

Last week, Over 419,000 unemployment claims were submitted. The staggering increase was above what was expected and comes just days after the number of new applications declined to a pandemic-low at the beginning of July.

The Department of Labor reported:  “In the week ending July 17, the advance figure for seasonally adjusted initial claims was 419,000, an increase of 51,000 from the previous week’s revised level. The previous week’s level was revised up by 8,000 from 360,000 to 368,000. The 4-week moving average was 385,250, an increase of 750 from the previous week’s revised average. The previous week’s average was revised up by 2,000 from 382,500 to 384,500.”

Around two dozen states, most of which have Republican governors, have stopped adding an additional $300 in federal money to their unemployment benefits. The extra money is set to expire nationwide in September and even Biden himself admitted last night that it is “keeping people from going back to work.”

The federal money is undoubtedly a main reason that the job market has stagnated, but it does not explain all of the claims are currently being filed.

The astonishing number of new submissions has not been reflected in the total of continuing unemployment claims since claims updates are a week behind. As of July 10th, continuing claims are down by 29,900, but they are expected to climb rapidly over the next few weeks as the reporting catches up.

This is yet another concerning indicator of what we might be facing in the months ahead.

Be prepared for the upcoming push for more lockdowns and mask mandates.

With their new political cudgel (the delta variant), and the consistently anti-american policy decisions being made by this administration, we are in a significantly worse place than we were when sleepy-Joe was planted in office.