Jobless claims far exceed expectations in blow to Biden’s hopes of swift economic recovery post-COVID: Report

Former President Donald Trump and many others in the GOP tried to warn voters that if they chose Joe Biden on Election Day, the U.S. economy would be dealt a crushing blow.

While the nation’s economy hasn’t quite slid off the cliff just yet, the numbers are in — and they aren’t looking good for President Biden. According to Breitbart, the Biden Department of Labor has been forced to admit that jobless claims in recent weeks climbed much higher than expected.

Crunching the numbers

For the week ending on April 3, economists had predicted that the number of new jobless claims made would sit around 680,000, down from the 719,000 that had been reported for the previous week, which ended on March 27, as Breitbart noted.

Instead, according to the Labor Department, the new jobless claims for the week ending on April 3 sat at 744,000 — some 64,000 more claims than had been anticipated.

Further showing just how wrong the economic analysts were in their predictions, the previous week’s total of 719,000 was also revised upward by 9,000, the Labor Department said, to 728,000.

That prompted a revision of the four-week moving average, which is often used by economists as a less volatile measure than the weekly numbers, as Breitbart reports. The figure currently sits at 723,750.

Biden ignores bad news

Of course, President Biden is unlikely to make mention of these unfortunate revisions, as doing so would detract from the positive spin he applied to the March jobs report released just days earlier.

ABC News reported last week that the government report showed roughly 916,000 jobs had been added to the economy in March, putting the overall unemployment rate at about 6% — news that Biden had heralded in remarks delivered at the White House.

“This morning we’ve learned that our economy created 900,000 jobs in March. That means the first two months of our administration has seen more new jobs created than the first two months in any administration in history,” Biden said, according to ABC.

“Families will lose”

The president also used that opportunity to tout both the recently passed $1.9 trillion American Rescue Plan meant to help lessen the blow of COVID-19 on Americans, as well as his $2 trillion-plus American Jobs Plan proposal, a purported “infrastructure” package that has earned Biden the particular ire of his predecessor.

“This legislation would be among the largest self-inflicted economic wounds in history,” Donald Trump said of the proposal, according to The Hill. “If this monstrosity is allowed to pass, the result will be more Americans out of work, more families shattered, more factories abandoned, more industries wrecked, and more Main Streets boarded up and closed down — just like it was before I took over the presidency four years ago.”

The former president went on: “This tax hike is a classic globalist betrayal by Joe Biden and his friends: the lobbyists will win, the special interests will win, China will win, the Washington politicians and government bureaucrats will win — but hardworking American families will lose.”

Latest News