For the first time also since July, U.S. jobless claims have posted back-to-back weekly increases. The data, which was released Wednesday, Nov. 25, also shows incomes and saving have decreased.
According to Bloomberg, U.S. jobless claims for regular state programs increased by 30,000 for a total of 778,000 applications for the week which ended Nov. 21. The following week, the numbers rose again.
With coronavirus cases surging and more shutdowns imminent, economists fear the labor market will have an even tougher time rebounding.
“The continued weakness of the labor market is something that is going to drive the whole economy down,” global chief economist at Citigroup Inc. Catherine Mann told Bloomberg Television. She added that stable industries like manufacturing are “going to keep us from being in official recession, but it’s going to be very grim.”
Listen to GHOGH with Jamarlin Martin | Episode 73: Jamarlin Martin
Jamarlin makes the case for why this is a multi-factor rebellion vs. just protests about George Floyd. He discusses the Democratic Party’s sneaky relationship with the police in cities and states under Dem control, and why Joe Click here to read entire article