Last month’s jobless claims just came in, and the numbers are at all-time recorded lows. President Joe Biden and his administration have been managing the economy with a cool deftness and only few exceptions, which were beyond his control. This, at the same time he has been wrestling with the Russian invasion into Ukraine and related atrocities, the COVID-19 pandemic variants, and his 24-hour day job.
The record-breaking jobless claims came in a similar pattern. Employers filled over 431,000 jobs for the month of March. That drove the unemployment rate down to a remarkable 3.8 percent. Of course, there are still a number of factors that tried to work against the historical lows, per ABC 3340.
They were the Russian invasion of Ukraine, inflation, shipping bottlenecks, and the ever-present coronavirus pandemic. In spite of those significant problems, President Biden pulled off 11 contiguous months of adding a minimum 400,000 jobs.
More good news is that policymakers over at the Federal Reserve anticipate inflation to decline to a 4.3 percent average for 2022. Conversely, Putin’s actions have led Russians to an annual “200 percent” increase annually or “2 percent a week,” according to Canada’s The National Post:
‘Inflation in the country is now running at an annual rate of 200% or 2% a week, according to Brian Deese, director of the US National Economic Council.’
Our president blamed Russia’s President Vladimir Putin for much of the financial impacts felt by American families, according to his Tuesday speech transcribed via the White House:
‘[T]oday’s inflation report is a reminder that Americans‘ budgets are being stretched by price increases and families are starting to feel the impacts of Putin’s price hike. A large contributor to inflation this month was an increase in gas and energy prices as markets reacted to Putin’s aggressive actions. As I have said from the start, there will be costs at home as we impose crippling sanctions in response to Putin’s unprovoked war, but Americans can know this: the costs we are imposing on Putin and his cronies are far more devastating than the costs we are facing.’
The Department of Labor (DOL) indicated that layoffs were also among the lowest ever, falling to just 5,000 last week to reach 166,000 for the week beginning March 27 and ending on April 2. This is measured by the number of unemployment benefits applications. The prior week marked a dynamic 54-year low at 31,000 claims, MSN reported.
Numbers are measured over a four-week timeframe, which tends to smooth out the sharp peaks and valleys. Compared to the previous week, the 170,000 number was down by 8,000 unemployment applications from the prior 178,000 applications, ABC 3340 indicated. That left a virtually minuscule amended 30,500.
The last four weeks’ number of 1.523 million jobless claims matched the prior half-century marker.
The Federal Reserve believes that static jobs levels contribute to inflation. The number of jobs openings remained virtually the same from December 2021 (11.4 million), January (11.3 million), and February (the same). Then, March brought that 1,523,000 jobless claims number.
People have felt the freedom to quit their jobs bringing that number from 4.3 million in January to 4.4 million in March. Last November 4.5 million quit with a near-20-year high.
In an attempt to counterbalance a 6.4 percent February inflation rate, the Federal Reserve was raising the interest rate a full half-point instead of the regular quarter-point incremental jumps. The Fed also indicated it could hike the interest by another half-point incrementally in 2022 if needed.
Americans have no trouble linking inflation to gas-pump prices and grocery store totals. The 8% price increase in goods can indeed be due to those bottlenecks, the ever-variating pandemic, and even the Russia-Ukraine war. However, the Biden administration has been holding the oil and gas companies accountable for their questionable increases.
Featured image is a screenshot via YouTube.
Three White Lions is Gloria Christie’s new serialized book available in episodes on Amazon. Go to Kindle Vella and insert her name. She also writes for 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. Find her here on Facebook.