The most recent measure of the rate of US unemployment surprised many observers by shooting up, underlying fears that the Biden economy may not be doing as well as first thought.
As The Daily Wire reports:
The most recent Department of Labor data revealed 419,000 claims for the week ending on July 17 — an increase in 51,000 from the previous week’s levels that again exceeds economists’ predictions.
Unemployment data released over the past several months by the Department of Labor has revealed an uneven job market recovery. Despite the American economy’s rebound from COVID-19 and the lockdown-induced recession, workers have been slow to return to their positions.
The Daily Wire reported, for instance, that the week ending on July 3 saw 373,000 first-time jobless claims — a figure that outpaced the 350,000 claims forecasted by economists surveyed by Dow Jones. The week ending on June 12 saw 412,000 claims, representing an increase of 37,000 from the previous week’s levels.
Many experts — including economists at the Federal Reserve — point to enhanced federal unemployment benefits as a factor distorting the labor market.
In spite of the bizarre labor market, lawmakers have still not moved to attempt to curtail the excessive jobless benefits.