A Huge Working Class Win!

The latest number for weekly unemployment claims came out on Wednesday, November 24th. I didn’t want something this important to get lost in the shuffle of Thanksgiving, Black Friday, Cyber Monday and Omicron. It’s a big deal for the working class.

The number was 199,000. The last time the weekly new unemployment claims were that low was in November of 1969. That is over 50 years ago. Pre-pandemic the average week saw about 250,000 new claims. To put the time in perspective today I’m a retired senior citizen; in November of 1969 I was in college. To put the number in further perspective the US population in 1969 was a bit over 207 million. Today it exceeds 332 million or an increase of approximately 60%.

Considering that President Biden inherited an economy on the brink – the first thing he had to do was get a relief package through Congress – and a pandemic which the previous administration did almost nothing to mitigate, that is nothing short of remarkable! New unemployment claims are considered to be a barometer of layoffs. The low number means that American workers can live in almost no fear of getting an unmerited pink slip.

While geographical locations and labor market segments will not all experience a uniform outcome, the overall is that despite those relative (and largely innocent) winners and losers the working class as a whole is winning under Biden.

Do not mistake the brevity of today’s article for the importance of the subject matter. The American laborer is starting to win again and Scranton Joe is “leading the parade”. Remember the demand factor in the American economy has held steady at 70% consumer demand for decades.

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