It’s not very often that great news on the economic front is celebrated in the age of President Donald J. Trump. In fact, just about every report that confirms the Make America Great Again Plan is working is usually met with qualifiers.
This week’s 49-year low in jobless claims is no exception. The wire service Reuters makes the case:
The number of Americans filing applications for unemployment benefits fell to more than a 49-year low last week, but the drop likely overstates the health of the labor market as claims for several states including California were estimated.
Which means that the new jobless claims could go up or down. They are still lower than they have been in decades, but since the numbers are based on estimates, we’ll have to wait to see if it is okay to celebrate. The “experts” say so.
Still, labor market conditions remain strong, which for now should help to temper fears of a sharp slowdown in economic growth. The economy is facing several headwinds, including a month-long partial shutdown of the federal government, which is starting to hurt both consumer and business confidence….
Economists polled by Reuters had forecast claims rising to 220,000 in the latest week. The Labor Department said claims for California, Kansas, North Dakota, Virginia, West Virginia and Hawaii were estimated last week because of Monday’s Martin Luther King holiday.
Got it. Less than 200,000 new jobless claims nationwide are just not enough, according to economists who are themselves guessing at the numbers cz-lekarna.com. There have to be more out there somewhere.
And no, we can’t celebrate yet. The mainstream media tells us that this is not a MAGA moment.