According to the Department of Labor, weekly jobless claims unexpectedly jumped to 861,000, which is a 13,000 increase in claims for the week of February 13.
Economists were expecting the claims to fall from 793,00o to 768,000....yet they rose. Unfortunately, this is something that Americans knew was coming, and that former President Donald Trump warned us about if Biden got into office.
Jobless claims can be volatile week to week so economists like to look at the four-week average. This fell to 833,250, 3,500 below the prior week’s average.
Jobless claims—which are a proxy for layoffs—remain at extremely high levels. Prior to the pandemic, the highest level of claims was 695,000 hit in October of 1982. In March of 2009, at the depths of the financial crisis recession, jobless claims peaked at 665,000.
Typically what happens in our fluctuating economy is that businesses lay off employees as they adjust to market conditions and the demand for workers. Most of the employees who are let go are quickly able to find another job and never end up being reported in the unemployment numbers. However, now we are seeing workers lose their jobs and not be able to find replacement work, and are therefore having to apply for benefits.
Seems like that is exactly what Democrats want....Americans dependent on the government for necessitates so that they can dictate and control our every move.
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