(TheRedAlertNews.com) – As if skyrocketing inflation depleting the buying power of American consumers was not bad enough, unemployment is now rising as the economy of the United States of America continues to deteriorate under the administration of President Joe Biden and Vice President Kamala Harris.
As CNBC shares the bad news in, “Weekly jobless claims rise to 260,000 ahead of nonfarm payrolls report“:
“Initial claims for unemployment insurance totaled 260,000 last week, near the highest level since November amid a shift in the U.S. labor market.
The total for the week ended July 30 was in line with the Dow Jones estimate but a gain of 6,000 from the previous week’s downwardly revised level, the Labor Department reported Thursday.” [emphasis added]
The report adds the following context:
“Jobless claims had been running around their lowest levels since the late 1960s but started ticking higher in June as inflation pressures swelled and companies started cutting back on hires. Even with robust hiring in 2021 and the first half of 2022, the total employment level is 755,000 below where it was in February 2020, the last month before the Covid pandemic hit.” [emphasis added]
Tomorrow, there could be more bad news as the Bureau of Labor Statistics will release its nonfarm payrolls report for July.
What is your opinion about the state of the economy under the administration of President Joe Biden and Vice President Kamala Harris? Do you think they are doing a good or bad job when it comes to handling the fiscal affairs of the United States of America? Please share your thoughts by emailing [email protected]. Thank you.