Yet another economic indicator has turned negative on Joe Biden.
Only hours after the government reported wholesale inflation exploded to 11.3% — and that came a day after the Consumer Price Index reported 9.1% inflation – the government reported a turn upward in the number of jobless claims.
The Washington Examiner said the number of jobless claims rose by 9,000 last week to 244,000 and that’s the highest level in nearly eight months.
It is, the report said, “a sign that the labor market is starting to take a hit as the economy slows.”
The number of claims – which had exploded when government officials all across the nation ordered the economy shut down because of COVID-19 in 2020 – had reached a low point in March with 166,000.
It’s now back up by 78,000 more.
“It is becoming clearer each week that new claims are now moving on an upward trajectory, which is expected to translate into worse jobs reports coming down the line and could portend a recession,” the report said.
Rubeela Farooqi, of High Frequency Economics, told the Examiner, “Net claims rose last week to the highest level since November 2021. The underlying direction has shifted from a downtrend to one of a gradual increase.”
The report said the numbers suggest a weakness is developing, as the overall unemployment rate was 3.5%, still low by historical standards.
The bigger problem, the report pointed out, has been inflation, which has become a drain on the nation’s economy and a huge additional expense for families trying to maintain their lifestyle.
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