The new jobless numbers are out and they have not been this good since 1973, when the numbers were just 1,000 lower. Isn’t it funny how all the economic numbers have improved so much since Donald Trump took over for the Muslim in Chief? It really leaves little doubt that Obama’s presidency was all about destroying jobs and hampering businesses.
But to be honest, you will soon see the unemployment numbers climb. Not because there are less jobs but because there are more jobs. Here is why. During the Obama years 10 million people became frustrated and quit looking for jobs. With job creation climbing, many of those people will join in the job search again and that will raise the unemployment rate.
Inflation will rise also. The Obama economy was so bad that businesses were not able to raise their prices because people couldn’t afford to buy if they did. That will be good news for Social Security recipients who have seen their SS checks shrink every year due to higher costs not figured into the inflation equation.
This last week, 223,000 initial jobless claims were made, just slightly higher than the 222,000 claims made in March 1973, according to the Department of Labor. The four-week average is now 234,250, which is a decrease of 6,2550 from the previous weeks’ revised average.
The advanced seasonally-adjusted insured unemployment rate was 1.5 percent for the week ending on Feb. 18, which is unchanged from the previous week’s rate.
The initial jobless claim, released by the Department of Labor, is used as a real-time measuring stick for the pace of layoffs and the overall state of the U.S. labor market. The newly unemployed usually file for unemployment benefits soon after they lose their jobs, which makes the jobless claims number such a good indicator.