Even though Joe Biden likes to take credit for people returning to work after COVID as the most robust jobs market we have ever seen, reality is starting to settle in.
First, he has not “created” any jobs.
The fact is that most jobs we have seen in this country are only people returning to work.
Second, we have still not reached pre-pandemic unemployment rates.
And, if the latest reports are near accurate, that will not happen anytime soon.
Get Ready for It
A lot of temporary jobs are ending now that summer is winding down.
That shows in the latest jobs report, with unemployment claims now peaking to their highest levels of the year.
For the week of August 6, claims rose to 262,000, crushing pre-pandemic levels of an average of 218,000.
Continued claims also went up slightly to 1.428 million.
The lowest unemployment rate Biden has seen has been 3.5 percent, still above the 3.4 percent we had before the pandemic hit and our wonderful government shut the country down.
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Even though inflation went down slightly last month, I do not expect that to be the case in the future.
There are some bombs waiting for us over the next few months that will start to go off as the year winds down.
Stay vigilant and keep banking those dollars because you will need them soon enough.
Source: Fox Business