Newly released data on American jobless claims disturbed even leftist media and added yet another piece of evidence to undermine Democrat happy talk about Joe Biden’s disastrous economy.
Just as the left doesn’t want you to know that their touted job gains are going to migrants (especially illegal migrants) and not American citizens, so the Biden campaign would no doubt love for Americans to ignore the new jobless claims statistics. All of us living in reality know that Bidenomics has been utterly catastrophic, but the jobless claims spiked so much in the last week that even woke CNBC had to admit there’s a problem.
Western Journal summed up the bad news on May 9:
The Department of Labor on Thursday released its weekly report of seasonally adjusted data on new unemployment claims through May 4, reporting a total of 231,000 jobless claims.
That number was both up from the previous week’s 209,000 and higher than the 214,000 claims Dow Jones had anticipated, according to CNBC.
CNBC, still desperate to cling to the fiction of a thriving Biden economy, tried to spin the number, saying it’s “a potential sign that an otherwise robust labor market is changing.”
For context, as of February, those alleged wonderful job gains were going to immigrants, with six out of ten of the 2.9 million additional employed migrants at the time being non-citizens. That means that up to half of the migrants taking millions of jobs were — and are — likely illegal aliens. At the same time, U.S.-born men’s labor force participation (for those without a college degree) has declined over the last few years. It would seem illegal aliens are taking jobs that U.S. men could have. This is the “robust labor market” CNBC wants you to celebrate.
Christopher Rupkey, the chief economist at FWDBONDS, admitted to CNBC, “Weekly jobless claims are one of the timeliest indicators of when the economy is starting to undergo serious deterioration, and the magnitude of new layoffs this week looks worrisome.” Rupkey tried to downplay just how bad the economy is under the Biden administration, however: “One week does not a trend make, but we can no longer be sure that calm seas lie ahead for the U.S. economy if today’s weekly jobless claims are any indication.”
CNBC also confessed that “job openings have been declining amid expectations that the labor market is likely to slow through the year.” The outlet explained too, “Continuing [jobless] claims, which run a week behind, increased to 1.78 million, up 17,000 from the previous week.”
Related: Joe Did That: Inflation Costs Americans an Extra $1K Monthly
The unemployment rate has allegedly gone up only slightly from 3.8% to 3.9%, Western Journal noted (presuming we can trust the government employees who manipulate data to make the economic crisis look less dire). The outlet stated:
Nonfarm payrolls were expected to rise by 240,000 in April, but only increased by 175,000, the report also said — the smallest month-to-month rise since October.
Of course, overall, there are no “calm seas” either behind or ahead for the U.S. economy, no matter what Democrats claim, thanks to Bidenomics. With horrific inflation, declining real wages, dollar devaluation, and now spiking jobless claims, American workers are being hammered by idiotic government policymaking.