Donald Trump warned that should President Joe Biden win the 2020 election, the economy would tank. Yet in spite of a yearlong pandemic that dropped innumerable small businesses from the nation, the economy is picking up. Here is one positive indicator.
The U.S. Labor Department reported that jobless claims dropped more than anticipated, 444,000 last week versus the Dow Jones estimate of 452,000. The previous week 478,000 jobless claims were filed. However, continuing claims rose to 3.75 million up 111,00. Note these numbers run a week behind.
PNC chief economist Gus Faucher wrote, according to CNBC:
‘The April jobs report was disappointing … But the steady decline in initial unemployment insurance claims over the past few months, as well as other UI data, suggest that the April report understated the improvement in the labor market.’
The improving economy can be directly attributed to the dramatic pace of Covid-19 vaccinations, 1.8 million shots a day.
The Federal Reserve stressed that the economy must increase its job numbers, and those jobless claims suggest employment numbers are growing. This was a welcome relief after April’s surprisingly low increase of 266,000 nonfarm payrolls. One million had been anticipated.
The largest declines were in these states “according to unadjusted data. New Jersey showed the biggest gain, with 4,384:”
- ‘Georgia (-8,216)
- Kentucky (-7,175)
- Texas (-4,828)’
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