President Biden announces holiday surprise: unemployment claims hit record low

0


By Stacy M. Brown, NNPA Newswire Senior National Correspondent

President Joe Biden started the holiday weekend with two good pieces of economic news that he said underscored that the recovery has continued at an historic pace.

The new unemployment claims report, released on Wednesday, November 24, shows that the president has every reason to be optimistic – the economy is starting to boom.

The report found that only 199,000 workers submitted new unemployment claims, the lowest in nearly 53 years.

“Last year there were 21 million claims for unemployment insurance before the Thanksgiving holiday. Today it was 2.4 million, ”exclaimed President Biden.

“This is a historic job recovery – 5.6 million jobs have been created since I took office and an unemployment rate of 4.6 percent – two full years earlier than experts forecast,” noted the President.

“More Americans are getting back to work and more Americans have money in their pockets thanks to the American rescue plan and vaccination campaign,” he said.

CNBC reported that the decline appeared to be at least partially due to seasonal adjustments. The unadjusted claims totaled 258,622, an increase of 7.6 percent compared to the previous week.

According to published reports, continued unemployment claims for workers who have claimed benefits for at least two consecutive weeks were around 2 million in the week ended November 13, down 60,000 from the previous week.

A total of 2.4 million Americans received federal benefits through various programs for the week ending November 6, up from 3.2 million at the end of October.

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

President Biden noted that the US is considered the only major economy to have exceeded its gross domestic product before the pandemic.

He promised to keep working to improve the economy and provide more employment opportunities for all Americans.

“We have more work to do before our economy returns to normal, including tackling price hikes that are hurting American pockets and undermining wage growth and disposable income,” said President Biden.

“So yesterday I announced steps my administration is taking to reduce gas costs for American families, and my administration remains focused on implementing the bipartisan infrastructure bill that will alleviate supply chain bottlenecks across the economy.”

He continued:

“And that’s why it’s so important that the Senate pass the Build Back Better Act, which, according to leading economists, will cut costs for American families without increasing price pressures.”

“Build Back Better will lower the cost of prescription drugs, health care, childcare, and housing for tens of millions of middle-class families and seniors – while adding key middle-class tax breaks that help working families make ends meet. Today’s data underscores the historic economic progress we are making and the importance of building on that progress in the weeks ahead. “


Share.

Comments are closed.