More Americans Losing Jobs

In a shock to many economists across the country, more Americans than expected once again quit or lost their jobs and filed for unemployment benefits again last week!

According to Fox, the Labor Department released data showing that applications for the week ended Feb. 12 spiked to 248,000 from the upwardly revised 225,000 a week earlier.

Refinitiv analysts only expected 219,000 workers to file for unemployment benefits last week instead 248,000 filed for unemployment.

Navy Federal Credit Union’s, Robert Frick, stated, “Jobless claims rose unexpectedly in the most recent week, but it’s probably noise given other employment data. One noise factor: layoffs shot up in a handful of states. We should expect claims to follow the trend of dropping along with omicron cases in the coming weeks.”

For the week ending on Jan 29th, roughly 2 million Americans were still collecting unemployment benefits.

President Biden needs to figure out how to fix these numbers and get America back to pre-pandemic levels quickly before the midterm elections.