New unemployment claims sunk again last week, according to newly available federal numbers, hitting the lowest level since the onset of the pandemic early last year. On Thursday, federal authorities at the Labor Department revealed that unemployment claims for the preceding week reached 364,000, which is 51,000 lower than the previous week’s total. At this point, jobless claims have sunk in 10 of the most recent 12 weeks, indicating the apparent success of the Biden administration’s approach to rebuilding the economy and supporting the people who rely on it. As recently as January of this year, unemployment claims hit a one-week total of over 900,000, so they have fallen far.
The number of Americans applying for unemployment aid fell again last week to the lowest level since the pandemic struck last year, further evidence that the job market and the broader economy are rebounding. Jobless claims dropped by 51,000 to 364,000. https://t.co/oaDHprNrSR
— The Associated Press (@AP) July 1, 2021
The Biden administration has implemented an ambitious economic recovery plan targeting devastation from the pandemic, with money for state and local governments, expanded unemployment assistance, and more, while the administration has also pursued increased levels of vaccination against COVID-19, helping to slow the progression of the pandemic.
Meanwhile, other numbers besides the latest one-week total of unemployment claims also reveal promising signs. The Associated Press reported on Thursday that “according to the data provider FactSet, the government is expected to report that employers added 675,000 jobs in June,” while “[growth] for the just-ended April-June quarter is believed to have reached an annual pace of roughly 10%.” That growth, far higher than the routine levels of pre-pandemic economic expansion in the United States, sits against the backdrop of the freefall that the economy experienced throughout the earlier stages of the pandemic, bringing the country closer to some kind of more stabilized equilibrium.
Going forward, the Biden administration is inching towards the implementation of an infrastructure spending plan, with a bipartisan deal focusing on projects like roads and bridges alongside a more ambitious, Democrats-only plan including funding for so-called human infrastructure like child care and home healthcare under consideration. Essentially, both versions of the plan (besides their other potential benefits for the country) constitute jobs plans. Putting the provisions in place would spark the creation of significant quantities of accessible jobs around the country. In the Senate, certain budget-related bills are exempt from the chamber’s filibuster rules, which ordinarily require the agreement of at least 60 Senators in the 100-member chamber before moving forward, including to a final vote, on most legislation. That exemption allows for a Democrats-only plan that could be more far-reaching than what Senate Republicans would support.
