“The U.S. Labor Department reported that the steady climb of initial unemployment claims continued last week to 251,000 newly unemployed up from 244,000 the week prior,” Manning said. “Since April 2022, the number of new weekly unemployment claims has risen by 85,000 from 166,000 to 251,000. From July 2 to July 9, the number of Americans on unemployment insurance has increased on a net basis by a non-seasonally adjusted 122,000 to 1.45 million. President Joe Biden’s sole claim to economic success has been our nation’s low unemployment rate, but the economic pressures put onto employers by the inflation caused Biden’s war on oil, natural gas and food production is putting an end to this one bright spot.
“The first week of July signaled the beginning of the end of the jobs economy, and unfortunately, today’s report does nothing to change this forecast as our nation slides into a Biden policy induced recession.”