As more bad economic data gets reported from the fallout of the coronavirus one positive indicator has emerged.
According to The Daily Caller:
The U.S. Department of Labor reported that 2.1 million new jobless claims were filed over the past week.
The latest data showed a roughly 323,000 decrease in claims from the previous week’s numbers, but the total number of claims filed since businesses shut down to combat the coronavirus pandemic now exceeds 40 million.
Labor’s report contained one apparent glimmer of hope, however. Continuing claims fell by more than 3 million to 21 million overall, marking the first decline in continuing claims during the pandemic. In other words, 3 million people who had previously filed unemployment claims during the pandemic — and continued receiving benefits for more than one weekly period — have reentered the workforce as multiple states, including Georgia, Florida, and Texas, have all begun the reopening process.
Unemployment has become a core focus of the Trump administration as the federal coronavirus transitions from mitigation toward economic recovery. President Donald Trump signed an executive order earlier in May ordering agencies to identify and pause regulations stymieing job growth.
The Acting Director of the Office of Management and Budget Russ Vought pointed out that during a major crisis Washington usually grabs power like we are seeing governors do, but Trump has recognized that we need to give the power back to the people and entrepreneurs to get the economy back on track.