The economic uncertainty that came with the COVID scare left many worried about their futures, especially where their wallets were concerned. But as the economy reopens the GDP is booming, unemployment claims are dropping, and American prosperity is returning.
The regular report from the US Department of Labor revealed that the number of US workers filing for unemployment benefits last week fell by 40,000, the lowest level since March when the COVID-19 outbreak dealt a blow to the economy.
Thursday’s report showed 751,000 people filed for state unemployment benefits in the week ending October 24, 2020. This represents a drop from 791,000 the previous week.
Unemployment Insurance Weekly Claims
Initial claims were 751,000 for the week ending 10/24 (-40,000).
Insured unemployment was 7,756,000 for the week ending 10/17 (-709,000).https://t.co/ys7Eg5LKAW
— US Labor Department (@USDOL) October 29, 2020
The COVID-panicked month of March saw weekly jobless claims reach a record 6.867 million. But, aside from several upticks, this rate has continuously fallen ever since.
The Labor Department’s report also indicated that the number of people who continue to receive unemployment benefits after having earlier filed an initial claim fell by 709,000 during the week ended October 17, 2020.
In a separate report, the Commerce Department announced that US economic output (GDP) grew by a record-breaking 33.1 percent in the Third Quarter, the largest expansion on record.
The Great American Recovery: Third Quarter GDP Blows Past Expectations https://t.co/rurJ39PyqM via @whitehouse
— U.S. Commerce Dept. (@CommerceGov) October 29, 2020
Democrat presidential candidate Joe Biden’s campaign seemed not to understand the positive information coming out of the Labor Department saying in a statement, “[W]e are in a deep hole and President Trump’s failure to act has meant that Q3 growth wasn’t nearly enough to get us out of…the recovery is slowing if not stalling.”
Biden has, on several occasions, stated that if he is elected he will seek to rollback the Trump tax cuts – which have put over $2,000 annually back into the pockets of taxpayers, and pursue one of the biggest tax increases in history, a move many economists say will put the nation into a severe recession.