Initial Weekly Jobless Claims Rise in the U.S.

The number of Americans filing new unemployment claims has increased last week.

A report from the Labor Department showed the number of jobless individuals was at its lowest since the end of 1969 in early May. 

For the week ending May 14, initial claims for state unemployment benefits jumped by 21,000 to a seasonally adjusted 218,000, the highest amount since January.

In Kentucky, claims increased by 6,728 whereas in California, claims increased by 3,315. 

In Pennsylvania, Ohio, and Illinois, there were also large increases in filings.

During the week ending May 7, the number of people getting benefits after an initial week of assistance declined by 25,000 to 1.317 million. 

US President Joe Biden, in a statement released by the White House, described the recent development on unemployment claims as “America getting back to work”. 

“When I took office, there were nearly 20 million Americans on unemployment insurance to feed their families and keep a roof over their heads. Today, that number is about 1.3 million. That’s millions of families moving from government support to earning a paycheck,” Biden said. 

Biden reiterated his plans on tackling inflation by lowering the costs that families face and lowering the federal deficit.

Biden intends to reduce the federal budget deficit after it fell by $1.5 trillion this year. 

“The federal budget deficit has already fallen by $1.5 trillion this year, and I have proposed a plan to reduce it even more by ensuring large corporations and the wealthy pay their fair share in taxes,” Biden added.

Meanwhile, Biden also shared the plans of the Congressional Republicans on raising taxes on working families and jeopardizing programs like Social Security, Medicare, Medicaid, and the Affordable Care Act.

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