Americans Are Spending & Jobs Are Plentiful In Hot Biden Economy

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“Initial claims for state unemployment benefits fell 11,000 to a seasonally adjusted 200,000 for the week ended May 28,” Reuters reports — another sign of the economic strength building across the nation with the Biden administration in charge. Individual states with particularly significant decreases included Pennsylvania, Kentucky, Georgia, and Florida. Separately, 17 states recently hit individual record lows for their unemployment rates, reaching the lowest levels of unemployment recorded there — ever.

According to Reuters, the new federal report on unemployment claims “also showed state jobless benefits rolls declining to their lowest level since 1969 in the second-half of May,” meaning the number of people receiving unemployment benefits (rather than initially applying for them) hit historic lows. As for the trend in unemployment claims, numbers have been consistently low — the Reuters report pointed to the U.S. temporarily hitting a level of 166,000 new unemployment claims a week in March, which was a low not seen in over 50 years. Since then, claims have been “treading water” — or not showing drastic changes — as reporting from Reuters put it.

A separate report chronicling lay-offs produced by the firm Challenger, Gray & Christmas and released Thursday indicated the most recent month of newly announced lay-offs from U.S.-based firms fell 14.7 percent to 20,712 in May. Since the start of the year, Challenger has recorded 100,694 job cuts, 48 percent lower than the level from the same span of time last year and the lowest January-May total of monthly U.S. lay-off announcements since Challenger started this record-keeping in 1993. The federal government will be releasing an employment report this Friday that covers May; a Reuters survey of economists found expectations that nonfarm payrolls likely grew by 325,000 jobs last month. In the U.S., 428,000 jobs were recorded as added in April.

The Biden administration has repeatedly pointed to the large infrastructure spending package the president signed into law last year as a source of major support for the U.S. economy. Indigenous communities are among those set up to benefit from the infrastructure package; the law “will send billions of dollars to Indian Country to provide affordable high-speed internet, safer roads and bridges, modern wastewater and sanitation systems, clean drinking water, reliable and affordable electricity, and good paying jobs in every Tribal community,” the White House said. “Since I took office, we’ve added 545,000 manufacturing jobs—and more manufacturing jobs were created in 2021 than in any year in nearly 30 years,” Biden recently also said — adding yet another facet to the economic recovery over which Biden’s team has presided. Before Biden became the president, there were prominent right-wing predictions of an imminent economic implosion for the U.S. in the event of a Biden presidency — but that simply hasn’t happened.