President Biden touts holiday surprise: jobless claims hit record high

By Stacy M. Brown | NNPA Newswire Senior National Correspondent

President Joe Biden signing the Infrastructure Investment and Jobs Act, Monday, November 15, 2021, on the South Lawn of the White House. (Official White House photo by Cameron Smith)

(NNPA) – President Joe Biden headed for the holiday weekend with two good economic news that he said underscores the recovery continued at an historic pace.

The new jobless claims report released on Wednesday, November 24 says the president has every reason to be optimistic: the economy is starting to explode.

The report found that only 199,000 workers filed new jobless claims, the lowest score in nearly 53 years.

“Last year there were 21 million jobless claims before the Thanksgiving holiday. Today they were 2.4 million, ”exclaimed President Biden.

“This is a historic recovery in employment – 5.6 million jobs created since I took office and an unemployment rate of 4.6% – two full years earlier than what experts had predicted was possible, ”noted the president.

“More Americans are going back to work, and more Americans have money in their pockets, thanks to the US bailout and the vaccination campaign,” he said.

CNBC reported that the drop appeared at least in part to be due to seasonal adjustments. Unadjusted claims totaled 258,622, an increase of 7.6 percent from the previous week.

In addition, according to published reports, continuing unemployment claims, which include workers who have applied for benefits for at least two consecutive weeks, stood at around 2 million in the week ended Nov. 13, down from 60,000 compared to the previous week.

Overall, 2.4 million Americans received government benefits through various programs during the week ended Nov. 6, up from 3.2 million at the end of October.

“Layoffs are reaching new lows amid ongoing labor shortages as employers seek to retain hard-to-find workers,” Daniel Zhao, senior economist at Glassdoor, wrote in a tweet.

President Biden noted that the United States was the only major economy to surpass its pre-pandemic gross domestic product level.

He pledged to keep working to further improve the economy and provide more job opportunities for all Americans.

“We still have work to do before our economy returns to normal, including tackling price increases that hurt Americans’ wallets and undermine wage and disposable income gains,” President Biden said.

“That’s why yesterday I announced the steps my administration is taking to lower the cost of gasoline for American families, and my administration remains focused on implementing the bipartisan infrastructure law, which alleviate supply chain bottlenecks in the economy. “

He continued:

“And that is why it is so essential that the Senate pass the Build Back Better Act, which leading economists believe will cut costs for American families without adding to price pressures.”

“Building Back Better will lower the cost of prescription drugs, health care, child care and housing for tens of millions of families and middle-class seniors – while extending essential tax breaks for the middle class who help working families make ends meet. Today’s data reinforces the historic economic progress we are making and the importance of building on that progress in the weeks to come.

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