Job growth has been slowly climbing since the surge in newly-added jobs last summer, but we may be slipping backward if we’re not careful.
As the one-year anniversary of “15 days to slow the spread” (the pandemic anniversary date) approaches, jobless claims seem to be curiously on the rise.
Jobless claims slightly rose by 9,000 from the previous week’s revised level, according to a government news release.
In the week ending on February 27, total jobless claims were 745,000 compared to the previous week’s 736,000.
February’s employment setback is being attributed to the Texas blackouts caused by the massive winter storm that plagued the state.
The seasonally adjusted numbers fall just below Dow Jones and Wall Street Journal economists who estimated jobless claims would be about 750,000, MarketWatch reports.
On top of that, 436,696 Americans filed applications for benefits through a temporary federal-relief program. Meaning, combined jobless claims have yet to drop below one million per week since May 2020, the outlet said.
It’s unfortunate that, just two weeks out from the anniversary of the day President Trump held a press conference to urge Americans to stay home for just “15 days” in March 2020, we are regressing instead of seeing significant progress.
Fact: On this day last year, jobless claims were near a 50-year low of 216,000 before the “pandemic” forced millions out of work.
We have a long way to go to get back to that thriving economy.
However, as more states like South Dakota, Florida, Texas, and Mississippi continue to reopen at 100% capacity, we are sure to see massive job gains in the near future.