Welcome To The New American Economy

Breitbart is reporting the following today:

New weekly jobless claims unexpectedly rose by 13,000 to 861,000 in the week that ended February 13, the Department of Labor said Thursday.

Economists had expected claims to fall to 768,00 from the 793,000 initially reported for the prior week. The previous week’s figure was revised up by 55,000 to 848,000.

…Jobless claims—which are a proxy for layoffs—remain at extremely high levels. Prior to the pandemic, the highest level of claims was 695,000 hit in October of 1982. In March of 2009, at the depths of the financial crisis recession, jobless claims peaked at 665,000.

Even when the economy is creating a lot of demand for workers, many businesses will shed employees as they adjust to market conditions. But in a high-pressure labor market, those employees quickly find jobs and many never show up on the employment rolls. What appears to be happening now is that many workers who lose their jobs cannot quickly find replacement work and are forced to apply for benefits.

How many workers in the energy sector have lost their jobs because of the Executive Orders signed by President Biden? How many workers in areas that support energy sector jobs have lost their jobs since January 20th? These high unemployment numbers may be partially a result of the coronavirus, but they are more than likely related to the Executive Orders and the economic policies of the Biden administration. Unfortunately we can expect more high unemployment unless the Biden administration changes its policies.