For the nontweeters:
This morning, we learned that new unemployment claims are now at a level not seen since 1969. America’s historic economic recovery is strong. Americans are getting back to work.
New applications for U.S. jobless benefits dropped to a 52-1/2-year low last week, while the number of Americans on unemployment rolls continued to shrink, pointing to rapidly diminishing labor market slack that will keep wage inflation rising.
Initial claims for state unemployment benefits fell 28,000 to a seasonally adjusted 187,000 for the week ended March 19, the lowest level since September 1969, the Labor Department said on Thursday. Economists polled by Reuters had forecast 212,000 applications for the latest week. Claims have declined from a record high of 6.149 million in early April 2020.
While inflation seems to be on everyone’s minds these days—including the Very Important Minds at the Federal Reserve—the fact that low unemployment invariably leads to higher wages could take some of the sting out of those higher prices. And this unequivocally good news makes one wonder why the media continue their nearly one-sided focus on the negative.
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For its part, the White House did a pretty good job of tooting its own horn, but because its statement didn’t include any hosannas to Vladimir Putin or accuse Hillary Clinton of stealing the president’s pouch of magic beans, the media gave it short shrift. But here it is, in full:
Americans are getting back to work at a historic pace, with fewer Americans on unemployment insurance today than at any time in the last half century. This morning, we received news that the number of Americans on unemployment insurance fell to its lowest level since 1970 and the number of Americans filing new claims fell to its lowest one-week level since 1969. This historic progress is no accident: it’s the result of an economic strategy to grow the economy from the bottom up and middle out, starting with the American Rescue Plan. And, it’s the result of effective management of emergency pandemic resources that resulted in 75% of adult Americans vaccinated and 99% of schools re-opened. We have more work to do to cut costs for families, but today’s data are a reminder that the U.S. economy is uniquely well positioned to deal with the global challenge of inflation. We will continue the fight to lower costs with every tool at our disposal, from making more here in America and rebuilding our supply chains, to lowering costs that have held back Americans for decades, to promoting competition to ensure markets can operate effectively and consumers are protected.
Of course, inflation is still a problem, but it’s a problem everywhere, not just in the U.S. And thanks to Biden’s economic leadership, including his efforts to champion the American Rescue Plan, the U.S. economy has recovered far more rapidly and completely than almost any other world economy.
And while it would be fair to note that Trump’s economy was kneecapped by COVID-19, I don’t feel like being fair, because Republicans never are. Bottom line, the economy created minus-3.9 million jobs under Trump, while Biden’s economy has already added 7.4 million in a little more than a year. And with the money from the Biden infrastructure bill now finding its way into the economy, it looks like we’re just getting this party started.
If only more people knew about this stuff.
Hmm …
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