The following article, Good News: Jobless Claims Drop to 751,000, Which Is A New Pandemic Low, was first published on Flag And Cross.
Good news in the realm of economics as the number of new applications for unemployment benefits dropped down to 751,000 last week, according to a new report from the Labor Department. This is a the lowest numbers we’ve seen since the start of the coronavirus pandemic.
The number of actual claims was lower than the 770,000 predicted by economists.
Additionally, states reported 359,667 initial claims for Pandemic Unemployment Assistance, a new category of eligibility created by the March CARES Act that provides benefits for workers sidelined by the pandemic, such as gig workers whose work dried up. Altogether, then, around 1.1 million workers filed for benefits.
Thursday’s release indicates that the labor market is healing, if slowly, but that the situation remains extremely bad by historical standards. In comparison, prior to the pandemic, weekly claims had been running close to 200,000. Another point of comparison would be that weekly claims now are still worse than they were at the depths of the Great Recession in 2009.
The total number of people claiming benefits in all programs for the week ending Oct. 10 was more than 22 million. Last year, in the comparable week, that number was 1.4 million.
This is fantastic news for our country. We’re finally on the road to recovery after this extremely difficult year. Now, if only we could get folks to stop panicking needlessly about COVID-19 and fighting to keep lockdowns going perpetually, that would be most excellent.
While the virus that swept the globe was definitely real and nothing to laugh at, much of the science points to the reaction to the illness being just as bad, if not worse, than the disease itself.
Lockdowns almost completely destroyed the economy. The left was thrilled by this because it took away one of President Trump’s greatest accomplishments in office, which was the financial success America has enjoyed under his administration.
But it’s bouncing back as we speak.
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