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Jobless claims have risen for the third straight week as Biden’s economy spirals.
According to The Washington Free Beacon:
Initial claims for state unemployment benefits rose 11,000 to a seasonally adjusted 362,000 for the week ended Sept. 25, the Labor Department said on Thursday. Economists polled by Reuters had forecast 335,000 applications for the latest week.
Claims have been rising, with economists blaming a range of factors including wild fires in California and Hurricane Ida, which struck the Gulf Coast in late August and caused record flooding in New York and New Jersey in early September.
“Continued progress on this front should support demand for services,” said Stephen Juneau, an economist at Bank of America Securities in New York. “We are seeing signs that travel demand is improving. Total card spending has increased.”
The claims data is being watched for signs of how soon a shortage of workers will start easing after the expiration early this month of federal government-funded benefits, which were blamed by businesses and Republicans for keeping the unemployed at home. There were a record 10.9 million open jobs at the end of July. More than 8 million people are estimated to have lost all their pandemic benefits on Sept. 6.
One of the reasons given for the labor market softening is the rise in the Delta variant.