Guess what, folks, unemployment is starting to go the wrong way.
You won’t hear this administration talk about that because they only tout good news.
Jobless claims, however, blew through predictions and are considerably higher than the average for this time of year.
Way Up
Jobless claims went up to 262,000 far above the 218,000 average.
Continuing claims were also up.
To be fair, we see this rise almost every year as summer jobs start to dry up, but not like this.
The kicker is that Biden has still not gotten us back to the pre-pandemic unemployment rates, which were at 3.4 percent.
The closest he has been in 3.5 percent.
This will get worse, with companies in many different sectors announcing hiring freezes and layoffs during their most recent earnings calls.
These are huge companies, too, such as Meta, Microsoft, and Apple.
Tech companies are going to take a significant hit.
Jeffrey Roach, the chief economist for LPL Financial, stated, “A rising risk to the market outlook is the upward trend in individuals claiming unemployment benefits.
“Initial claims and continuing claims have inched higher for the last four months and suggest that the labor market will likely slow further throughout the back half of this year.”
But Joe has it all under control, so much so that he left for vacation today.
Source: Fox Business