The following article, Jobless Claims Have Fallen To The Lowest Level Since Mid-March, was first published on Flag And Cross.
President Trump just keeps getting good news when it comes to the economic front. The Labor Department’s latest report has revealed that new numbers of jobless claims to receive unemployment benefits has dropped to 881,000 last week, which is the lowest numbers we’ve seen since mid-March.
Forecasters had predicted 950,000 new jobless claims, but thankfully, the actual numbers were much lower.
We’re on the mend, folks.
The drop hints at a slowdown in layoffs, which would be good news for the reeling labor market. But it also could be an artifact of changes the Labor Department made to its calculation of jobless claims. The agency employed a new methodology for adjusting for seasonal changes in employment, such as teachers returning to work or students quitting their jobs to return to school. The extreme rise in jobless claims caused by the pandemic made such adjustments difficult.
An additional 760,000 workers applied for benefits through the Pandemic Unemployment Assistance program, which provides for unemployment insurance for people sidelined by the epidemic who normally wouldn’t be eligible for benefits, such as gig workers whose business dried up.
Seasonally unadjusted claims for regular benefits were just over 833,000 last week and have been trending lower, suggesting that there has been real underlying improvement in the labor market.
Prior to the coronavirus pandemic, the economy was one of President Trump’s greatest strengths. Conservatives soon became concerned once lockdowns started happening that perhaps this would strip him of his greatest weapons against the left.
However, that’s proven not to be the case. The economy is now rebounding, so that will no doubt look good on his record. But what’s really helping Trump at the moment is the lack of leadership put on display by the Democratic Party in major cities where Black Lives Matter and Antifa thugs have burned neighborhoods to the ground and nothing has been done to stop it.
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