Thanks to the leadership of President Biden and congressional Democrats, U.S. jobless claims have dropped for the seventh consecutive week, reaching a new pandemic low. Since taking office President Biden has added jobs at a record pace – creating more jobs in his first nine months than any other President and correcting for the millions of jobs lost as a result of the previous administration’s failures.
Through historic legislation, like the American Rescue Plan and the Bipartisan Infrastructure Bill, President Biden and Democrats have proved that they are laser focused on delivering for the American people by getting the economy back on track and taking action to reduce inflation.
Now is the time to pass President Biden’s Build Back Better plan and lower the cost of health care, child care, prescription drugs, and preschool for middle class families, while ensuring America wins the economic competition for the 21st century.
Associated Press: U.S. jobless claims drop seventh straight week to 268,000
By: Paul Wiseman | November 18, 2021
Key Points:
- “The number of Americans applying for unemployment benefits fell for the seventh straight week to a pandemic low of 268,000.”
- “The applications for unemployment aid are a proxy for layoffs, and their steady decline this year — after topping 900,000 one week in early January — reflects the labor market’s strong recovery from last year’s brief but intense coronavirus recession. The four-week average of claims, which smooths week-to-week volatility, also fell to a pandemic low just below 273,000.”
- “The coronavirus slammed the U.S. economy early last year, forcing many businesses to close or reduce hours of operation and keeping many Americans shut in at home as a health precaution. In March and April 2020, employers slashed more than 22 million jobs.”
- “But the economy began to recover last summer. Consumers, pocketing government relief checks and gaining confidence as COVID-19 cases fell, resumed spending. With the rollout of vaccines this year, they began to return to shops, restaurants and bars.”
- “Since April 2020, employers have hired more than 18 million people, including 531,000 in October.”
Read the full report here.
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Published: Nov 18, 2021