(WatchDogReport.org) – Most of the country’s lockdowns went away months ago, which allowed the economy to start recovering from the pandemic. Although there was economic progress, rising costs, the Delta variant, and other factors are signaling bigger problems.
Jobless Claims Increase
According to the Department of Labor, new state unemployment claims rose for the second week in a row. There were 351,000 claims for the week ending on September 18, up from 335,000 the previous week. The increase was reportedly unexpected. Analysts thought there would be 320,000 claims.
In addition to the new clams, the week ending on September 11 saw 2.845 million continuing claims. That number was higher than the 2.65 million economic experts expected and higher than the previous week’s 2.714 million claims.
Chris Giamo, head of commercial banking at TD Bank, told Fox Business that although the numbers are higher than expected, “claims are still near a pandemic-era low.”
Seasonal Hiring
Generally, seasonal hiring starts at this time of year. On September 23, Target announced it would be hiring 100,000 seasonal employees for 2021. That is 30,000 less than they brought on to help during the 2020 holiday season. The company said it was going to offer its existing employees more work this season.
Walmart is hiring 20,000 part-time and full-time employees for the holidays. The workers aren’t just temporary or seasonal, though. Instead, the retail giant decided to make those positions permanent.
Michael’s craft stores are also seeking 20,000 workers to help them prepare for November and December. Roughly 50% of those employees will receive offers for long-term positions when the season is over.
The announcements come as the US labor market is experiencing a worker shortage.
Inflation
The rising cost of goods and services has been a concern for quite a while. Americans are paying more for food, fuel, and other goods and services.
Business Insider reports inflation is still higher than it’s been in decades. However, public interest is sitting about where it was prior to the pandemic. Consumers are not showing very much concern about it.
While the American people aren’t very concerned, Republicans worry. Democrats are currently negotiating a $3.5-trillion infrastructure bill. Economist Stephen Moore, an ex-advisor to former President Donald Trump, told Fox Business’ “Mornings with Maria” that inflation will get worse if Democrats try to pass the bill. Although that’s certainly a concern, Democrats are still battling with each other over the legislation.
It looks like a troubling road ahead for President Joe Biden.
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