(FiveNation.com)- The number of American workers seeking first-time joblessness benefits increased by 20,000 last week, just after we hit a record low since the beginning of the COVID-19 pandemic the week before. The data from the Labor Department reveals how the number of Americans applying for unemployment benefits hit 332,000, up from 312,000 two weeks earlier.
It breaks a two-month streak of declining numbers, which was initially a sign that the economy was fighting back even as President Joe Biden warns of increasing taxes and spending unprecedented sums of money. Amidst rising inflation, however, joblessness benefits claims are going up.
Thankfully, though, the number is only a small increase – for now. Some experts have suggested that it is a temporary blip, which the four-week average of joblessness benefits claims going down.
Data from the Commerce Department also showed how retail sales rose by 0.7% last month, indicating that there is at least some resilience in the economy. Online sales also increased in August, and Americans appear to be continuing to spend on consumer products despite rising prices.
The mixed numbers come amidst the backdrop of August’s terrible job numbers. President Joe Biden was forced to concede that his plan is not working and that only 235,000 jobs were added to the economy last month, breaking the one-million-plus streak in June and July.
With so many Americans still out of work and businesses terrified about future tax hikes, how can we be sure the national economy will bounce back fully any time soon?