Obama Wins The Jobless Claims Game
In a startling turn of events, the Labor Department, on Thursday, released the latest statistics regarding the jobless rate. The facts show that the number of people who filed for new applications for unemployment benefits for the last week, dropped to the lowest level in over 41 ½ years.
The initial claims for just state unemployment benefits dipped 26,000 for a seasonally adjusted 255,000 for the week that ended on July 18, 2015. That’s the lowest level since November 1973.
Caution is advised here as the stats may well over hype the real strength of the labor market. During the summer months, automakers traditionally close down to handle manufacturing maintenance. In addition, the Labor Department pointed that no special factors influenced the stats, and stated that Puerto Rico’s claims had been estimated.
Other statistics presented by the Labor Department fine tuned what the underlying factors contributed to this gain, including that payroll growth probably remained above the threshold of 200,000 this month.
How Obama’s policies and policing have contributed is expansive. With less resistance to his forward movement across the board, the President is seeing winning gains in several areas of government under his watch. It may well be that former opposing lawmakers and the public have gotten tired of battling one another and gaining nothing. Obama also has the accolade of being big business friendly with corporations making unprecedented profits as well as Wall St. record breaking gains.
It was a slow climb, but these Labor Department stats show that something is going on. People are holding on to jobs more, even if those jobs don’t pay a lot. With the impetus for boosting the minimum wage in the big states like California and New York, the labor force looks to make substantial gains to allow for saving money and putting money back into the economy via purchases and consumer confidence.
Little by little Obama’s Administration is gaining ground regarding repairing the damage done during the first decade of the 2,000s. There’s still a long way to go and he’s going to do as much as he can to level the playing field, encourage more investment by big business, and rehab the basic infrastructures of the country that will make employment more efficacious for one and all.
With another 18 months to go, Obama has a good chance of getting many of his initiatives either up and running or booming with success. He’ll still have a fight on his hands from the GOP, but he’s proven he can go the distance.