Biden’s economy continues to set records–for being bad.
Jobless claims came in at 206k.
The expectation was 200k.
After dropping to its lowest since 1969 in the prior week, the number of Americans filing for jobless benefits for the first time rebounded last week to 206k (from an upowardly revised 188k). This was worse than the expected 200k.
The labor force participation rate is also low.
But even as the rate of those newly unemployed per week sank to multi-decade lows, labor force participation has remained depressed compared to pre-virus levels, and job openings have held near record highs. The labor force participation rate last came in at 61.8% for November, or short of February 2020’s 63.3%, and the size of the civilian labor force was still down by 2.4 million.
“If we filled every single job opening that’s out there right now, we’d have employment that was not just well above where we were pre-pandemic, but well above what anyone predicted pre-pandemic,” Betsey Stevenson, former Labor Department chief economist and professor of economics and public policy at the University of Michigan, told Yahoo Finance Live.
“That recovery and employers wanting to hire workers is there,” she added. “The challenge is that we still have just a lot of uncertainty going on in the labor market. A lot of what economists talk about is churn — people who are exiting jobs more frequently than they used to, exiting the labor market more frequently than they used to.”
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