Despite his initial success thanks to policies passed under the presidency of Barack Obama, Donald Trump did not prove himself to be “the greatest jobs president ever made” during his four years in the White House. Just like the last Republican president to serve, Trump left office with the country on the verge of a disastrous economic collapse due to his utter failure to address the COVID-19 pandemic with any kind of competence.
BREAKING: The number of Americans applying for unemployment benefits has reached its lowest level since the pandemic struck last year, as jobless claims fell by 26,000 last week to 360,000. The U.S. economy and job market are quickly rebounding. https://t.co/3J2D4RczG5
— The Associated Press (@AP) July 15, 2021
The unemployment rate, which set new records for the U.S. economy in the modern era under Trump, showed signs of a steady rebound just six months after President Biden’s inauguration, just as it did when Biden served as vice president under Obama. New claims for unemployment benefits have fallen rapidly to a rate not seen since prior to the pandemic.
According to CNBC:
‘Initial claims for unemployment insurance fell to a new pandemic-era low last week, the Labor Department reported Thursday. First-time filings for benefits totaled 360,000, in line with Dow Jones estimates and the best number since March 14, 2020. The total represented a substantial decrease from the previous week’s upwardly revised 386,000.’
Image screenshot via CNBC
Although many businesses are still having trouble restaffing, the number of people who continue to receive benefits has fallen significantly, as well. The new numbers show that a recovery is still pending but is a better possibility than it has been since COVID-19 was first discovered.
‘Continuing claims, which run a week behind the headline number, also fell sharply, declining by 126,000 to 3.24 million. That also established a new low for a jobs market that still has some distance to go before getting back to its pre-Covid 19 self but has made significant strides.’
Image screenshot via CNBC
In addition to the news about a steadily declining unemployment rate, reports showed that manufacturing in New York is on an economic upswing, news that is quite welcome for the state so ravaged by the virus. The numbers show a “booming” economy among New York’s manufacturing sector.
‘New orders and shipments surged, while the employment index increased 8.3 points to 20.6 as 29.5% of companies indicated they would be adding workers. A forward-looking index on conditions over the next six months also showed a hiring increase, with a reading of 43.9, up 2.2 points from June.’
This is what it looks like to have an economic recovery that's focused on getting Americans back to work — and building from the bottom up, and the middle out:@business U.S. Initial State-Unemployment Claims Fall to Pandemic Lowhttps://t.co/87OX40ctYY
— Mike Gwin (@MGwin46) July 15, 2021
