New Unemployment Report Shows Biden Economy Surging Ahead

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The predictions of doom and gloom from Donald Trump and other prominent Republicans about the U.S. economy with Joe Biden in charge have not come to fruition. Instead, the economy has continued its recovery from the onset of the COVID-19 pandemic. Across the week ending last Friday, Nov. 13, the “number of Americans applying for unemployment benefits fell for the seventh straight week to a pandemic low of 268,000,” the Associated Press reports. In early January, a single week of new unemployment claims topped 900,000, and earlier in the pandemic, claims were far higher — hitting millions per week.

As also reported by the Associated Press, the “four-week average of claims, which smooths week-to-week volatility, also fell to a pandemic low just below 273,000.” Before the pandemic, new jobless claims stood at average one-week totals of about 220,000, meaning that the latest numbers place the economy closer to its pre-pandemic level of employment stability than it’s been at any point, at least according to these metrics. Throughout recent months, substantial numbers of new jobs have been added to the U.S. economy — revisions to reports for past months alone have revealed an extra 626,000 jobs getting added around the U.S., bringing the country closer to its pre-pandemic status on that front as well.

The bipartisan infrastructure deal that President Joe Biden recently signed into law also doubles as a jobs bill. Through a statement on Twitter, Biden has described the legislation as “a once-in-a-generation investment that will create millions of jobs modernizing our infrastructure, turn the climate crisis into an opportunity, and put us on a path to win the 21st century.” As explained by The New York Times, “Some of the first bursts of spending will go toward areas that Mr. Biden prioritized in negotiations, such as tens of billions of dollars to improve access to broadband internet and to replace hazardous lead drinking pipes” and “[spending] has already been announced to help clear backlogs at the nation’s ports.” Another spending bill that’s under development, known as the Build Back Better plan and containing money to support so-called human infrastructure like child care and health coverage, would also support the jobs market.