Biden Leaves Americans Desperate For Work
Things aren’t getting better.
Last week the Labor Department found that the jobless benefits claims rose to the highest level since November.
According to The Hill, initial claims for unemployment insurance increased to 251,000 which is up by 7,000 compared to the previous week of 244,000.
Chief economist for Comerica Bank Bill Adams explained, “The labor market is softening but the change is so far gradual. The U.S. economy is cooling but is probably not in recession in July.”
Adams added, “Between economic data and news reports, it’s clear that job losses are underway in the tech, mortgage finance, real estate brokerage, and big box retail sectors.”
While these jobless claims aren’t shockingly high, it still marks yet another week of more layoffs as Americans express fear about the American economy’s strength.
The Century Foundation’s Andrew Stettner added, “This level of claims remains historically low, and is consistent with a strong, non-recessionary job market. Nonetheless, claims have risen 51 percent from their nadir of 166,000 on March 19—a trend that warrants attention, especially as the Fed takes significant steps to tighten credit in an effort to slow inflation.”
