First-time unemployment claims fell once more last week, hitting a pandemic-era low of 310,000 for the week ending on September 4. The continued decline in first-time unemployment claims suggests a broad scope of success for the plans put in place by the Biden administration to support the U.S. economy amid efforts to recover from the arrival of COVID-19. The latest first-time unemployment claim numbers are lower than what economists polled by Dow Jones expected for the week — their estimates settled on an expectation of 335,000 first-time unemployment claims for the week in question.
Trump predicted that a Biden presidency would mean economic doom for America, but such is not supported by what’s happening. The week prior to the one covered by this latest data saw significantly higher first-time unemployment claims, with a total of 345,000, and the latest figure is the lowest recorded since — to be specific — mid-March of last year. As summarized by CNBC, “Initial filings had been trending around 215,000 prior to when the pandemic was declared in March 2020,” so although there’s still a ways to go in terms of reaching that point once more, numbers are getting closer. Average first-time unemployment claims stood at over 880,000 around this point of last year, showing the substantial recovery recorded across that timeframe from yet another significant angle.
President Joe Biden touted the new numbers in a statement. As he put it, in part, in reference to the news:
‘That is encouraging news for so many American families who have found a new opportunity and a little bit of breathing room as we continue to build back from last year’s economic devastation. Most importantly, along with seven consecutive positive job reports that have seen us gain nearly 4.5 million jobs since my Administration began, this decline in unemployment claims is further evidence of a durable economic recovery. Despite the ongoing impact of the Delta variant, the evidence is clear: the Biden plan is working, we are seeing real results, and the American economy is on the move again.’
Notably, Biden also observed how a “recent Gallup poll found that 72% of Americans think that now is a good time to find a quality job,” which he called “the mark of an economy where regular Americans can see a place for themselves – an economy built on rising wages and the dignity of all people.” Read more at this link.
