(AmericanProsperity.com) – While a global pandemic is sure to slow down some industries, President Donald Trump has fought to keep American businesses open and citizens employed. The data released from the Department of Labor (DOL) reflects that the White House has been successful at this goal.
New Report Reveals Initial Unemployment Claim Numbers
On Thursday, November 12, the DOL released its weekly unemployment report. It revealed that the week ending November 7 saw 709,000 new jobless claims, which is 48,000 fewer than the previous week. Reporter Stephanie Ruhlegave some perspective on the numbers:
Jobless claims moving in the right direction – 709,000
But still far higher than pre-pandemic 200,000 levels& the continued spread of COVID will be rough on jobs
— Stephanie Ruhle (@SRuhle) November 12, 2020
Some economists prefer to look at the 4-week rolling average, which decreased from 755,250 to 788,500. This decline of 33,250 reflects a continuing recovery for America.
Trump Campaign senior strategy advisor Steve Cortes celebrated the news:
Good economic news!
As the Labor market continues to heal, Jobless Claims fall the most in 5 weeks, to a new pandemic low. pic.twitter.com/etelIGGNdQ
— Steve Cortes (@CortesSteve) November 12, 2020
Continuing Claims Are Also Decreasing
When lockdowns began in March, jobless claims skyrocketed. By mid-May, nearly 25 million people were collecting unemployment. But, those continuing claims have steadily declined.
The DOL’s report shows continuing claims fell to just over 6.7 million, down 436,000 from the previous week. This specific data set is a week behind the others and reflects data the week ending on October 31.
Which States Struggle the Most?
Massachusetts, Georgia, and New York all decreased their initial claims by over 5,000 the week ending on October 31. But, other states took big hits, as Economist Julia Pollak shares:
When it comes to initial jobless claims, there are still several states to watch. There was a big increase in IL, where claims have been trending upwards for several weeks now. pic.twitter.com/w8RbZXyGo7
— Julia Pollak (@juliaonjobs) November 12, 2020
While many Americans are thankful to safely get back to work, others still struggle to find jobs. Many citizens hold on to the hope of getting back to work as the jobless numbers steadily improve.
Some countries are choosing to shut down businesses and communities as cases of COVID-19 spike and the holiday season begins. But, if new lockdowns are put in place here, they could put the economy back to mid-summer jobless numbers if we are not careful.
~Here’s to Your Prosperity!
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