Unemployment Claims Are on the Rise

In 2022, America’s economy is in one of the worst possible states it’s ever been in.

During this month alone, economists have stated that America could be in a recession before 2024 gets here. Meanwhile, the interest rates on mortgages across the nation just reached an over 10-year high.

Food prices are going up; gas prices are still ridiculously expensive and life is tough for a lot of people across the country.

Despite all of this, Joe Biden wants everyone to believe all is well. Meanwhile, the latest data on unemployment claims tells a very different story, as documented by The Hill.

Breaking News From the Labor Department

On Thursday, the Labor Department revealed that unemployment claims for the week of April 3rd through the 9th grew by 18,000. This means over the course of that week, 185,000 claims were put in for unemployment benefits.

This new rise in jobless claims comes after the rate recently reached a historic low that hasn’t been witnessed since the late 1960s.

Meanwhile, this news comes as the Biden administration claimed that its American Rescue Plan would have positive economic benefits. Thus far, these positive benefits have yet to be seen.

Many employers throughout the country are still dealing with labor shortages, higher production costs, and staffing issues.

This has led to certain companies, such as Chipotle and BurgerFi, turning to robots and other forms of artificial intelligence in order to fill the vacancies.

More Bad News About Jobs in America

Because of where inflation stands today, Americans who have jobs, even full-time jobs, are not completely in the clear.

Spending power has significantly diminished due to inflation; therefore, in order for Americans to keep up with the current direction of the economy, they need more money.

The need for more funds is driving some folks to have to seek more than one job or take up gig work, like driving for rideshare services or delivering food.

Across the United States, everyone can attest to the fact that everything is more expensive. Employers are not in the position to raise wages because they are faced with higher costs associated with production, inventory, labor, etc.

Meanwhile, with the steady rise of some companies using automation and robots for labor purposes, there are concerns that this will only further eliminate jobs for the American people.

Still, some supporters of automation and robots argue that these tools will actually make life easier, not harder, for people. At the end of the day, time will tell who is right.

What do you think about the latest surge in unemployment rates? Do you believe this is a consequence of the Biden administration’s fiscal policies? In the comments area, please be sure to let us know.