Economy

THE BIDEN ECONOMY: Jobless Claims ‘Unexpectedly Rise’

posted by Hannity Staff - 9.30.21

From Fox News:

More Americans filed for first-time jobless benefits last week despite a decline in new COVID-19 cases and the impact of Hurricane Ida subsiding.

The number of Americans filing for first-time unemployment benefits rose by 11,000 to 362,000 in the week ended Sept. 25, according to the Labor Department. Analysts surveyed by Refinitiv were expecting the number of first-time filings to decline to 335,000. 

“Negative surprise alert: New jobless claims have risen for a third straight week,” said Mark Hamrick, senior economic analyst at Bankrate. “The latest increase confounded hopes for improvement. It appears to have been spurred, at least in part, by rising claims in the states of California and Michigan.”

Continuing claims for the week ended Sept. 18 slid to 2.802 million from a downwardly revised 2.845 million the week prior. Analysts had anticipated a decline to 2.8 million. The decrease in continuing claims came two weeks after the expiration of $300 per week in supplemental unemployment benefits. 

About 5 million Americans received some form of unemployment assistance, a drop of more than 6 million from the prior week. More than 27.2 million Americans filed for benefits during the comparable week in 2020. 

Read the full report here.

CARTER PART II: Border Encounters Hit ‘New Monthly High’ as Inflation Hits Levels Not Seen in 28 Years

posted by Hannity Staff - 6.10.21

Two new reports released Thursday spell big trouble for the Biden administration as the number of “border encounters” and inflation each reach record highs.

“Border officials encountered the highest number of people seeking to cross the U.S.-Mexico border this year in May, with encounters hitting 180,034, up slightly from 178,854 in April,” reports the Hill.

 

New data released by the Federal Government Thursday is raising more fears over massive spending with documents showing the rate of inflation rose at the fastest pace since 1993.

“The consensus forecast for the core consumer price index, which excludes food and energy, is 3.5% on a year-over-year basis, according to Dow Jones. That’s the fastest annual pace in 28 years,” reports CNBC.

“It will be hot. It could be up to 5%,” said Diane Swonk, chief economist at Grant Thornton. “The worst of the heat is going to be the second quarter in terms of headline. It will be interesting to see what it looks like when you strip out the extremes. I think we’re still going to have a warm summer when you have surge pricing kicking in for everything from airfares to hotels.”

This is a developing story. Check back for updates.

CARTER, PART II: Consumer Confidence Falls, Inflation Rises, Retail Sales Flat in April, Gas Prices Jump

posted by Hannity Staff - 5.16.21

A series of critical problems plagued the Biden campaign in recent days, reminding many Americans of the hardships during the late 1970s under President Jimmy Carter.

Significant issues include the threat of inflation, lower-than-expected job growth, tensions in the Middle East, and gas shortages following a cyberattack against a pivotal energy pipeline in the southeast.

Despite the pipeline re-opening late Wednesday night, thousands of stations throughout the southern United States remain without gasoline.

“U.S. consumer sentiment deteriorated unexpectedly in early May as Americans grew increasingly concerned about rising prices,” reports Bloomberg.

“His team no doubt was prepared to unleash Biden to perform a little victory dance at the White House celebrating the stupendous number. But the show had to be hastily revamped when the actual tally came in nearly three-quarters-of-a-million jobs lower than expected; just 266,000 jobs created and unemployment unexpectedly rising to 6.1%,” reports Fox News.

“Today, there is more evidence our economy is moving in the right direction,” Biden said. “This is progress. This is a testament to our new strategy,” he said. “We’ve got work to do, to state the obvious, we have work to do.”

“U.S. Customs and Border Protection revealed Tuesday that migrant encounters jumped yet again this past April: over 178,000 in all, nearly a tenfold increase from 2020 and still above levels seen in the 2019 surge at the Mexico border,” adds Fox.

Read the full report here.

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