As is becoming the norm under the Biden economy, weekly jobless claims reported yesterday exceeded expectations. While analysts expected that 380,000 would file for unemployment last week, the total ended up being 411,000. The prior week’s numbers were also revised upward to 418,000.
Back in April Biden presided over the largest jobs report miss since 1998, with the economy only adding 266,000 jobs – 800,000 short of expectations. The figures were so bad CNBC’s anchors had to do a double take when reporting on the numbers, briefly thinking they may have been reported in error. Figures fell short of expectations again in May, adding 559,000 jobs vs. 671,000 expected.
The pace of the economy recovery continues to disappoint under Biden, though there have been some winners, primarily those residing in states whose leaders don’t share his ideology. On a state by state level it’s republican-led states that have recovered the fastest, while democrat-run states lag.
While the employment recovery continues to miss expectations, inflation expectations are unfortunately trending in the opposite direction, posting the biggest year-over-year gain in nearly three decades.
According to CNBC:
A key inflation indicator that the Federal Reserve uses to set policy rose 3.4% in May, the fastest increase since the early 1990s, the Commerce Department reported Friday.
The core personal consumption expenditures price index increase reflects the rapid pace of economic expansion and resulting price pressures, and amplified how far the nation has come since the Covid pandemic-induced shutdown of 2020.
Though the reading could add to inflation concerns, Fed officials continue to insist that they see the current situation as temporary and likely to abate as conditions return to normal.
By the more commonly used inflation metric, the consumer price index, inflation jumped 5% year-over-year in may, the fastest pace since the summer of 2008.
In response to the economic news, Biden seemingly can’t decide if it’s good or bad. He cited the May employment figures as proof his plan is working – and also cited the historically weak April report as evidence he needs to spend more of our money on stimulus.
Matt Palumbo is the author of Dumb and Dumber: How Cuomo and de Blasio Ruined New York, Debunk This: Shattering Liberal Lies, and Spygate
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