The number of Americans filing new unemployment claims increased to 419,000 last week as the economy continues its recovery from the coronavirus pandemic, according to the Department of Labor.
The Bureau of Labor and Statistics figure released Thursday represented a large increase in the number of new jobless claims compared to the week ending July 10, when 368,000 new jobless claims were reported. That number was revised up from the 360,000 jobless claims initially reported last week.
Small business owners are continuing to have problems attracting new workers in the wake of the coronavirus pandemic and are trying to entice them with new incentives, a new report from the U.S. Chamber of Commerce shows.
“Small businesses are bearing the brunt of the current worker shortage,” said Tom Sullivan, vice president of small business policy at the Chamber. “Many have given up on actively recruiting new workers as it is too hard to find skilled and experienced workers for their open positions.”
Wildly excessive federal spending is causing major inflation and shortages, which may lead to a recession and perhaps a financial crisis. Despite the evidence of inflation, Congress is proposing to spend $3.5 trillion on top of the $1.9 trillion COVID relief bill passed earlier this year and the intended $1.2 trillion infrastructure bill. For comparison, federal revenue is only expected to be $3.8 trillion this year.
Evidently, the Democratic Party and President Joe Biden have adopted Modern Monetary Theory (MMT) to the peril of every American citizen. MMT, which is similar to Keynesian economics, says that the U.S. should not be constrained by revenues in federal government spending since the government is the monopoly issuer of the U.S. dollar. MMT is a destructive myth that provides cover for excessive government spending. And it’s not modern, since reckless government spending has been around for thousands of years.
Embracing MMT is similar to providing whiskey and car keys to teenage boys. We know the outcomes will not be good.
U.S. retail sales jumped in June, boosted by states widely loosening coronavirus restrictions and businesses returning to full capacity.
Retail sales increased 0.6% and totaled $621.3 billion in June, according to the Department of Commerce report released Wednesday. The monthly increase was driven by general merchandise, including food service, clothing, personal care, electronics and gasoline sales, the report showed.
“Sectors that were buoyed by the pandemic are slowing down a little bit, but not to a degree that I’d be concerned about,” Square economist Felipe Chacon told The Wall Street Journal. “Household finances have been bolstered by a few rounds of stimulus spending, so it bodes pretty well.”
Democratic New York Rep. Alexandria Ocasio-Cortez urged illegal immigrants who are parents to children born in the U.S. to register for President Joe Biden’s child care tax credit payments on Thursday, video shows.
Parents and guardians will receive checks of $250 to $300 per child monthly until the end of 2021 including undocumented adults who care for children with valid Social Security numbers, according to Ocasio-Cortez.
“These centers are also offering help to undocumented folks with eligible children,” Ocasio-Cortez said. “So any child with a social security number is eligible. Do not count yourself out … if a parent and guardian is undocumented.”
President Joe Biden’s competition and antitrust executive order will harm American consumers, groups representing both large and small businesses said.
The leading groups — including the Chamber of Commerce, Job Creators Network (JCN) and the National Association of Manufacturers (NAM) — slammed Biden’s executive order, arguing that it will harm competition and present a host of challenges to small businesses. The business groups said the order is an example of big government attempting to exert control over the free market via onerous rules and regulations.
“This executive order amounts to a bizarre declaration against American businesses, from the largest to the smallest,” Small Business and Entrepreneurship (SBE) Council Chief Economist Raymond Keating said in a statement. “It’s hard to understand why a White House would go down such a path, especially as the economy is digging out from the COVID-19 disaster.”
The number of Americans filing new unemployment claims increased to 373,000 last week as the economy continues to recover from the coronavirus pandemic, according to the Department of Labor.
The Bureau of Labor and Statistics figure released Thursday represented a slight increase in the number of new jobless claims compared to the week ending June 26, when 371,000 new jobless claims were reported. That number was revised up from the 364,000 jobless claims initially reported last week.
Economists expected Thursday’s jobless claims number to come in around 350,000, The Wall Street Journal reported.
With President Biden pressing on with attacks against America’s oil and natural gas workers to push his environmental agenda, it’s past time to shed a little light on the failure he’s promoting. He may claim that his proposal to produce 80% of America’s electricity through non-carbon sources is a bold new idea, it’s actually a green failure that he’s trying to recycle…and we’ve got the receipts from two states to prove it.
Let me introduce you to California and Arizona, two neighboring states where one has embraced the Biden Green Plan for years while the other rejected it. Rest assured, Biden, John Kerry, and their army of eco warriors are hoping you ignore the following inconvenient truths.
In November 2018, Arizona voters soundly defeated Prop 127 by a margin of more than 2 to 1. The ballot measure was heavily pushed by former presidential candidate current extreme eco-leftist billionaire Tom Steyer. Similar to Biden’s plan, Prop 127 required Arizona to get 50 percent of its power from “renewable” sources by 2030. Keep in mind, these are the same voters that would elect a Democrat to the US Senate and give its electoral votes to Biden just two years later, tipping the presidential race toward the left. In other words, Prop 127, less restrictive than the Biden plan, proved to be too extreme for down-the-middle voters.
The White House Facebook page crowed, “3,000,000 jobs created since President Biden took office” in response to the Labor Department’s Employment Situation report on July 2. But do they deserve any credit for these job gains?
As a very young man, I was fortunate enough to start my own company out of my apartment using a small amount of investment capital from friends and family. Over time, that business grew to have over 6,000 employees and revenues in excess of $2 billion. Over nearly a 40-year span, my team and I built what some would consider a remarkable track record, as measured by both sales and profits.
Because of my experience growing that business, I feel a special kinship with small, privately owned businesses and their owners. I also come from a middle-class background, one that shaped me into the person I am today. It is through both the lens of entrepreneur and member of the middle-class that I look through when reflecting upon this Independence Day.
The U.S. economy reported an increase of 850,000 jobs in June and the unemployment rate ticked up to 5.9%, according to Department of Labor data released Friday.
Total non-farm payroll employment increased by 850,000 in June, according to the Bureau of Labor Statistics report, and the number of unemployed persons increased to 9.5 million. Economists projected 700,000 Americans would be added to payrolls prior to Friday’s report, according to The Wall Street Journal.
“This is a trickier phase of the recovery,” Wells Fargo senior economist Sarah House told The New York Times.
The only grocery store in Point Roberts, Washington, will be forced to close if travel restrictions between the U.S. and Canada aren’t lifted by July 15, the Associated Press reported Thursday.
Point Roberts Marketplace store owner Ali Hayton said the market relies on shoppers who haven’t been able to visit for more than 15 months and that government assistance did little to help the struggling shop, the AP reported. The store received two loans from federal pandemic relief programs, though the funds were used in a week.
“Now that I see that there is absolutely no end in sight, I can’t do it anymore,” Hayton said, according to the AP. “I cannot financially keep subsidizing all of this by myself.”
Maryland officials say they suspect over 508,000 new, potentially fraudulent unemployment claims have been filed since May.
The announcement Monday followed the state saying it has verified over 1.3 million fraudulent claims since the beginning of COVID-19 pandemic.
The most common means of filing a fraudulent claim is identity theft, according to CNN.
Just 14 states saw positive employment growth between April and May while the majority of the growth was concentrated in a handful of states, according to the Department of Labor.
Fourteen states led by California, Florida and Texas experienced significant job growth, 35 states experienced stagnant job growth and Wyoming saw a decline in employment last month, according to a Department of Labor report released Wednesday. Overall, the unemployment rates in 21 states decreased between April and May while every state’s employment improved compared to May 2020.
While the U.S. continues to report increased job growth, the report showed that the vast majority of the growth has come from about a dozen states.
The number of Americans filing new unemployment claims decreased to 411,000 last week as the economy continues to recover from the coronavirus pandemic, according to the Department of Labor.
The Bureau of Labor and Statistics figure released Thursday represented a decrease in the number of new jobless claims compared to the week ending June 12, when 418,000 new jobless claims were reported. That number was revised up from the 412,000 jobless claims initially reported last week.
Economists expected Thursday’s jobless claims number to come in around 380,000, The Wall Street Journal reported.
Are you having a hard time understanding why the housing market is heating up, and why the cost of essentials such as milk, eggs, and gas is climbing? Are you in the market for a used car? Then you know how expensive those are right now. And why can’t businesses find employees, yet millions remain unemployed? Economists agree the recovery isn’t like anything we’ve seen before. That’s because we’ve never had a situation before where the heavy hand of government shut down private enterprises on a nationwide scale. The market distortions are enormous. As states reopen, there is a herky-jerky feel to the economy that has many people unsettled.
Former Federal Reserve vice chairman Alan Blinder wrote in the Wall Street Journal recently, “the recovery is not linear. Rather, it is proceeding in fits and starts. Sales of physical goods, for example, dipped only briefly when Covid hit, recovered quickly, and are now well above their pre-pandemic levels. In stark contrast, businesses that deliver personal services, such as restaurants and hotels, suffered a devastating depression and are still below their pre-pandemic levels.”
By far the most uneven outcome so far since the economy crashed in spring 2000, besides the 7.6 million fewer jobs compared to pre-pandemic levels, has been inflation, which is up 5 percent the past 12 months.
Founding father and the second president of the United States John Adams once said that “Facts are stubborn things; and whatever may be our wishes, our inclinations, or the dictates of our passion, they cannot alter the state of facts and evidence.” What he meant was that objective, raw numbers don’t lie—and this remains true hundreds of years later.
We just got yet another example. A new data analysis from Harvard University, Brown University, and the Bill and Melinda Gates Foundation calculates how different employment levels have been impacted during the pandemic to date. The findings reveal that government lockdown orders devastated workers at the bottom of the financial food chain but left the upper-tier actually better off.
The analysis examined employment levels in January 2020, before the coronavirus spread widely and before lockdown orders and other restrictions on the economy were implemented. It compared them to employment figures from March 31, 2021.
Lumber prices have begun to drop following record highs, with futures closing Monday at their lowest price in over two months.
Lumber futures reached their highest-ever price in early May according to Nasdaq, trading at $1,711.20 per thousand board feet. Futures closed Monday at $966.20 per thousand board feet, still well above pre-pandemic levels which hovered around $400.
Prices skyrocketed due to a variety of factors, including supply chain disruption due to COVID-19 restrictions, labor shortages, and higher demand due to the surge in the housing market, according to a report by Wells Fargo economists. The report noted that while prices were unlikely to return to pre-pandemic levels, restarting domestic lumber production and restoring domestic supply chains would stabilize the market.
Opponents of minimum wage laws tend to focus their criticism on one particular adverse consequence: by artificially raising the price of labor, they reduce employment, particularly for the most vulnerable in society.
“Minimum wage laws tragically generate unemployment, especially so among the poorest and least skilled or educated workers,” economist Murray Rothbard wrote in 1978. “Because a minimum wage, of course, does not guarantee any worker’s employment; it only prohibits, by force of law, anyone from being hired at the wage which would pay his employer to hire him.
Though some economists, such as Paul Krugman, reject Rothbard’s claim, a recent study found the overwhelming body of academic research supports the idea that minimum wage laws increase unemployment.
The Chinese government has carried out a massive population control campaign since the 1970s with the hope that it would generate economic prosperity. The government unremorsefully forced women to receive abortions, pressured or forced millions of women to be sterilized, and punished families with multiple children with debilitating fines. More than 300 million children were aborted under China’s one-child policy.
Last week, the Chinese government ended the two-child policy, which had been in effect since 2016, and instead enacted a three-child policy. The new policy is essentially an admission that the Chinese Communist Party’s heinous population control policies will not give it the riches it had hoped for. Instead, the population control program will deliver a demographic disaster, which will ravage the country’s economy for generations.
Many economists recognize that population control never improved China’s economy — that was the result of increased freedom in the marketplace and foreign investment. And the Malthusian crisis the government was so desperately trying to avoid with population control was an entirely false specter.
Inflation is up 4.92 percent the past 12 months as of May, the most since July 2008’s 5.5 percent, according to data compiled by the Bureau of Labor Statistics, amid a torrent of trillions of dollars of government spending, Federal Reserve money printing and a weakening dollar combined with the continued economic rebound led by reopening businesses from the 2020 Covid lockdowns.
The past three months alone, inflation has grown at an accelerated rate of 2 percent combined. If that trend were to hold up for the rest of the year, inflation would come closer to 8 percent.
In the month of May, price jumps in fuel oil at 2.1 percent and piped gas service at 1.7 percent offset a 0.7 percent drop in gasoline prices. In addition, new car prices grew 1.6 percent. Used cars and trucks grew at 7.3 percent again after a 10 percent jump in April. Apparel jumped 1.2 percent. And transportation services grew 1.5 percent after a 2.9 percent jump in April.
Increased inflation could ultimately be a net positive for the U.S. economy and large government spending won’t overheat the economy, Treasury Secretary Janet Yellen told Bloomberg.
Treasury Secretary Janet Yellen, who previously chaired the Federal Reserve, said the central bank has been more concerned about inflation levels that are too low, according to Bloomberg. Increasing consumer prices could signal a return to normal, she said.
“We’ve been fighting inflation that’s too low and interest rates that are too low now for a decade,” Yellen told Bloomberg in an interview Sunday.
The U.S. economy reported an increase of 559,000 jobs in May and the unemployment rate declined to 5.8%, according to Department of Labor data released Friday.
Total non-farm payroll employment increased by 559,000 in May, according to the Bureau of Labor Statistics (BLS) report, and the number of unemployed persons dropped to 9.3 million. Economists projected 671,000 Americans would be added to payrolls prior to Friday’s report, according to The Wall Street Journal.
“We think it will take several months for frictions in the labor market to work themselves out,” Barclays chief U.S. economist Michael Gapen told the WSJ. “That just means we shouldn’t be expecting one to two million jobs every month. Instead, it will be a more gradual process.”
As economic figures cast doubt on a post-COVID economic boom, the latest polling data show Americans lack confidence in the economy under President Joe Biden.
New polling data released by Gallup Monday shows Americans are not confident in the economy and are largely unhappy with the nation’s current trajectory.
The poll found only 36% of Americans are “satisfied with the way things are going.” Specifically on the economy, Americans also are pessimistic.
President Donald Trump released a statement on Monday that underscored his popularity, President Biden’s bad ratings, and his future social media platform.
The statement comes in response to President Biden’s concerning policy decisions and multiple inaccurate media reports on Trump’s actions.
Senate Banking Committee Republicans have expanded an investigation into regional Federal Reserve banks over their alleged “woke mission creep.”
Republicans on the Senate Banking Committee sent letters to regional Federal Reserve banks in Minneapolis, Boston and Atlanta demanding a briefing with leaders and documents related to a recent “Racism and the Economy” initiative, GOP staffers said during a press briefing Monday morning. Engaging in political advocacy is out of the Fed’s purview, the letters said.
“Of course, racism is abhorrent and has no place in our society…. I recognize the interest in studying economic disparities along demographic lines, such as race and gender,” Banking Committee Ranking Member Pat Toomey wrote in the letters sent Sunday.
The number of Americans filing new unemployment claims dropped to 444,000 last week as the economy continues to slowly recover from the coronavirus pandemic, according to the Department of Labor.
The Bureau of Labor and Statistics figure released Thursday represented a decrease in the number of new jobless claims compared to the week ending May 8, when 478,000 new jobless claims were reported. That number was revised up from the 473,000 jobless claims initially reported last week.
Is the economy booming or is it riding a wave of paper money with no real underlying sustainability? That is the question which policy makers in Washington, DC should be considering.
The truth is no one actually knows, but that is exactly why this discussion must be had.
Since the China virus was inflicted upon the world, it is indisputable that the federal government has authorized $5 Trillion between the Trump spending of $3.1 Trillion to meet the crisis and Biden’s recently passed additional $1.9 trillion so he could sign checks to people too. This is on top of the $1 Trillion in planned deficits during the 2020 fiscal year.
The number of Americans filing new unemployment claims dropped sharply to 498,000 last week as the economy continues to recover from the coronavirus pandemic, according to the Department of Labor.
The Bureau of Labor and Statistics figure released Thursday represented a large decrease in the number of new jobless claims compared to the week ending April 24, when 590,000 new jobless claims were reported. That number was revised up from the 553,000 jobless claims initially reported last week.
The number of Americans filing new unemployment claims dropped to 576,000 last week as the economy continues to recover from the coronavirus pandemic, according to the Department of Labor.
The Bureau of Labor and Statistics figure released Thursday represented a large decrease in the number of new jobless claims compared to the week ending April 3, when 769,000 new jobless claims were reported. That number was revised up from the 744,000 jobless claims initially reported last week.
The number of Americans filing new unemployment claims increased to 719,000 last week, even as the economy continues to slowly recover from the coronavirus pandemic, according to the Department of Labor.
The Bureau of Labor and Statistics figure released Thursday represented an increase in the number of new jobless claims compared to the week ending March 20, when 658,000 new jobless claims were reported. That number was revised down from the 684,000 jobless claims initially reported last week.
Roughly 18.2 million Americans continue to collect unemployment benefits, according to the report.
The number of Americans filing new unemployment claims decreased slightly to 712,000 last week as the economy continued to suffer the effects of the ongoing coronavirus pandemic, according to the Department of Labor.
The Bureau of Labor and Statistics figure released Thursday represented a decrease in the number of new jobless claims compared to the week ending Feb. 27, in which there were 754,000 new jobless claims reported. That number was revised up from the 745,000 jobless claims initially reported last week.
Warning lights should be flashing. Less than a month in, it’s becoming evident that President Joe Biden’s economic policies are likely to end in disaster. The wrong economic diagnosis and the politics of not letting any crisis go to waste is leading to the most damaging mix of economic policy in decades.
The U.S. economy is poised to continue a massive recovery that began after labor markets bottomed in April with 25 million jobs lost during Covid, with 16 million of the having been recovered since then — provided that President-elect Joe Biden does not kill the rest of the recovery that began on President Donald Trump’s watch.
Really, all Biden needs to do right now is almost nothing, and allow the U.S. economy to fully reopen once the Covid vaccine has been fully administered and the number of daily new cases approaches zero.
The U.S. economy reported a decrease of 140,000 jobs in December while unemployment stayed unchanged at 6.7%, according to Department of Labor data released Friday.
Total non-farm payroll employment declined by 140,000 in November, according to the Bureau of Labor Statistics report, and the number of unemployed persons stayed stagnant at 10.7 million. The number marked the first time since April, the U.S. reported negative job growth.
A second round of stimulus checks, this time in the amount of $600, is being sent out this week, the U.S. Treasury Department said Wednesday.
Referred to as economic impact payments, the $600 check individuals will receive is part of the Coronavirus Response and Relief Supplemental Appropriations Act of 2021, a bill President Donald Trump signed Sunday.
This November, Michigan voters would be wise to recognize the connection between their top concern — the economy — and illegal immigration. Study after study shows that illegal immigration puts downward pressure on wages and takes away Americans’ job opportunities.
That doesn’t seem to bother Democrats. Joe Biden’s immigration plans, which Democratic senators including Gary Peters support, would put the screws to America’s working class. His agenda includes an amnesty for 11 million illegal immigrants already here. In addition, Biden wants to suspend all deportations during his first 100 days in office and relax the rules for claiming asylum.
The U.S. economy blew the barn doors off all other past recoveries with a record, inflation-adjusted 33.1 percent gain in the Gross Domestic Product (GDP) — more than any other quarter in economic history — in the last major economic report before the election in November.
That is great news for the American people, and it certainly bodes well for President Donald Trump in his bid for reelection against former Vice President Joe Biden as the race for 2020 comes down to the wire. It comes as more than 14 million jobs have been recovered since labor markets bottomed in April amid the Covid state-led lockdowns, according to the Bureau of Labor Statistics.
Estimated costs of the coronavirus pandemic are in. The results are not pretty.
A new study co-authored by Harvard economist David M. Cutler and former World Bank chief economist Lawrence H. Summers places the costs of the COVID-19 pandemic north of $16 trillion.
The rapid recovery from the lockdown continues. Economic reports from September indicate the economy has rebounded to 97 percent of its peak reached this past February. The surge in new orders for both manufacturing and service companies points to further gains in the months ahead.
These gains should bring the economy’s output and spending (GDP) back to its prior peak during the fourth quarter of the year.
The U.S. economy added 661,000 jobs in September, while unemployment fell to 7.9%, according to Department of Labor data released Friday.
Total non-farm payroll employment rose by 661,000 in September, according to the Bureau of Labor Statistics report, and the number of unemployed persons fell by 1 million to 12.6 million.
As he heads into the final stretch of the election, President Trump is getting a boost from new census data showing historic, broad-based economic gains for U.S. households in 2019.
The U.S. Census Bureau on Monday released data showing median household income surging to a record high of more than $68,700 last year. The increase of 6.8% in household income was the largest one-year increase on record.
Another 1 million Americans left continued unemployment claims the week of Sept. 5 on an unadjusted basis, the latest data from the Department of Labor shows.
That brings the number collecting unemployment from its 13.8 million Aug. 29 level, and from its 22.8 million May 9 level, down to its current 12.3 million, an overall decrease of 10.5 million from its peak.
More than half of the households surveyed in the four largest U.S. cities are facing serious financial problems as a result of their state and city shutdowns, a new five-part polling series conducted by NPR, The Robert Wood Johnson Foundation, and Harvard T.H. Chan School of Public Health, found.
The U.S. economy added another 3.7 million jobs in the month of August, according to the Bureau of Labor Statistics’ household survey of Americans reporting they have jobs, bringing the total up to 13.8 million jobs that have been recovered since labor markets bottomed in April, something almost nobody but President Donald Trump was predicting.
At the worst of the coronavirus recession, as many as 25 million jobs were lost by April, and now more than half of those jobs have been regained, as a V-shaped recovery has clearly formed.
Wednesday morning on the John Fredericks Show, host John Fredericks welcomed Steven K. Bannon to discuss the Democrat’s campaign of death and destruction and the road to victory for Trump.
A senior White House adviser said he agreed with an assessment by the U.S. Office of the Director of National Intelligence that China prefers that President Trump lose re-election in November.
“Well, there’s no question that’s true,” Peter Navarro, White House Trade and Manufacturing Policy advisor, told Just the News in an interview. “Donald J. Trump is the toughest – only president -he’s the toughest and only president to stand up to China since Nixon and Kissinger went to China back in the 70s. I mean, every president since then, has allowed in some way, to let the Chinese Communist Party have their way with the United States economy, and also our defense sector.”
New orders for durable goods posted a second consecutive month of rebound in June, rising 7.3 percent following a gain of 15.1 percent in May. The two gains followed drops of 18.3 percent in April and 16.7 percent in March. If transportation equipment is excluded, new orders for durable goods increased 3.3 percent in June following a 3.6 percent rise in May. Durable-goods orders had been holding above the $200 billion level since May 2011 before posting sharp declines in March and April (see first chart). New orders for June are back above the $200 billion threshold, totaling $206.9 billion, but are still 21.9 percent below June 2019.
Joe Biden revealed on Thursday the first part of “Build Back Better,” his plan for economic recovery from the COVID crisis.
The U.S. economy has added a record 7.8 million to 8.8 million jobs back in May and June, according to the Bureau of Labor Statistics’ (BLS) respective establishment and household surveys, bringing the reported unemployment rate down to 11.1 percent even as the number of Americans returning to the civilian labor force following the COVID-19 pandemic shutdowns continues to increase.
This is incredible news because it means for certain that the labor market hit its bottom in April, the same month the IHME-estimated number of new cases daily was peaking at about 250,000 on March 29, down to an estimated 70,000 new cases a day now.