CNBC reported today that weekly jobless claims tumbled last week, reaching a fresh 52-year low as the U.S. jobs market climbs out of its pandemic-era hole, the Labor Department reported Thursday"
52. year. low. My emphasis.
Initial filings for unemployment insurance totaled 184,000 for the week ended Dec. 4, the lowest going back to Sept. 6, 1969, which saw 182,000."
President Biden just put out a statement:
Today, we received further evidence that our jobs recovery is one of the strongest ever. The number of Americans filing for unemployment last week was the smallest since 1969. The four-week average is now near the average for my predecessor even before the pandemic hit. This follows last week’s news that the unemployment rate has dropped to 4.2%, the fastest year-to-date decline in unemployment on record.
Even though there's work to be done, it's great news, right?
I doubt that how the beltway media sees it though.
When we move over to jobs created to the economy with similar job numbers, the AP proclaimed Trump's job numbers were "robust".
On the jump, these same job numbers for President Biden were called "sluggish."
The stock market is very high as well, yet all you hear is how horrible Biden's economy is doing, completely ignoring the US is still suffering through a pandemic.
Or you'll hear media outlets laugh when the administration explains how the US is trying to dig out from under COVID19 and Trump's mismanagement of the pandemic.
Ari Melber did an excellent segment on the imbalance of media coverage between a traitorous ex-president and Biden.
It's alarming to think that "both siderist" coverage means Biden must be painted "as bad as" Trump. Really.
When the former president, who lied and lied and lied about the COVID virus, gets better media coverage than the new president who is trying to save people's lives, that is frightening.
Duncan Black, who always covers jobs reports writes: Thursday Is New Jobless Day
184K new lucky duckies. By normal measure, or at least measures in normal times, the recovery has been pretty amazing. Things are a bit more complicated because of the weirdness of Covid (still ongoing!) and there are some not good things on the horizon (expiring student loan payment freeze, for example). But at the moment, surprisingly good!
The really horrible jobless recoveries of the past few recessions did not have to happen.
And Paul Krugman adopt's Duncan's IOKIYAR diagnosis.