A brand new report from the Labor Department has revealed that the number of new applications for unemployment benefits has risen 37,000 last week to top out at 412,000.
For those who might not know what this number means, the jobless claims represent the number of individuals who have filed for unemployment benefits over the course of the previous week. The new number was significantly more than forecasters had predicted. It was originally believed the number would be around 359,000 for new claims.
The economy fell slightly short of expectations last month and added 559,000 new jobs, a number that was below the 650,000-consensus level but was still far more positive than the surprisingly bad report from the month before. Only 278,000 jobs were added in April, a figure way below predictions of nearly 1 million additional jobs.
This week’s jobless claims report is also notable because it is the first after some states have begun opting out of the federal government’s $300-per-week expanded unemployment insurance program, which critics assert has been holding back the labor force by incentivizing collection of the increased benefits.advertisement — content continues below
The states of Iowa, Alaska, Mississippi, and Missouri have a combined total of 13 million people. These states were the first ones to end the benefits program prematurely during last weekend. Half of the states will be working toward phasing out the program over the course of the next several weeks before the Sept. 6 sunset date.
A recent study was conducted by employment website Indeed discovered that job search activity went up.
All of this is the result of horrible policies that were put in place by mostly Democrats to try and prevent the spread of COVID, which had a 99.9 percent survival rate. Now our nation’s economy is all jacked up and it doesn’t seem the federal government wants to take real steps to get things back in order.
Instead, they want to continue to milk these programs in order to usurp more authority and spread the infection of socialism across the country.