For those who doubt that President Joe Biden is transformational, just look at his achievements. He is making half-century changes all throughout the government and ending a 20-year war. Then there are his changes in the jobless market, which are incredibly improved. Take a look.
He and his administration have brought jobless claims to the nation’s lowest level in over half a century. In a weekly report that ended on December 4, we find that President Biden announced that the weekly jobless claims were a whopping 184,000. Not only that, CNBC reported his results for the first time since 1969:
- ‘Continuing claims, which run a week behind the headline number, increased 38,000 to just shy of 2 million.
- Initial filings for unemployment insurance totaled 184,000 for the week ended Dec. 4, the lowest going back to Sept. 6, 1969, which saw 182,000.’
- ‘Initial claims for unemployment insurance were expected to total 211,000 for the week ended Dec. 4, according to a Dow Jones economist survey.
- The total was the result of a large seasonal modification, as the unadjusted number was 280,665. But the move lower in claims, which fell from the 227,000 reported the week before, represents more progress for a labor market still struggling with a worker shortage and other pandemic-related fallout.’
However, the four-week moving average for continuing claims, which irons out weekly volatility, dropped to 2.03 million, a decline of 54,250.
Ian Shepherdson, Chief Economist at Pantheon Macroeconomics said:
‘A correction next week seems likely, but the trend in claims clearly is falling rapidly, reflecting the extreme tightness of the labor market and the rebound in GDP growth now underway. It’s very risky for firms to let go staff unless they have no other choice, because re-hiring people later will be difficult and likely expensive.’
However, payroll numbers for the month were not as high as expected. Almost 210,000 people were hired. The unemployment percentage was 4.2 percent.
The Federal Reserve may make some significant changes this coming year to the monetary policy and get ready for the first normalization.
The Federal Reserve is looking at reducing its bond-buying effort down to $30 billion each month. Then, many pundits believe that it is moving to an increase in the rate percentages. Those two efforts would halt a higher inflation rate which is above two percent.
The Labor Department will soon announce November’s consumer price index with a yearly 6.7 percent price index. This would be the highest rate since 1982.
Three White Lions podcast, Gloria Christie reads her week’s most important news/ commentary stories in the liberal online newspaper The Bipartisan Report. Gloria Christie Report her newsletter for people on the go. Written in her own unique style with a twist of humor in a briefer version of Bipartisan Report. Christie’s Mueller Report Adventures In Bite-Sizes a real-life compelling spy mystery (in process). Find her here on Facebook.