It’s the Economy’s Great, Stupid!


An estimated 166,000 Americans filed initial unemployment claims last week, down nearly 5,000 claims from the previous week and better than analyst projections of 200,000. It is the lowest figure since November 1968 (and the second-lowest since weekly reporting began in January 1967). Continuing claims rose slightly by 17,000 to 1.52 million, coming two years after the number of claims reached an all-time high of 6.1 million in April 2020.

The decline shows employers are limiting layoffs in a tight labor market. Roughly 1.8 job openings are available for every unemployed worker; the unemployment rate stood at 3.6% in March, just above the prepandemic level of 3.5%. Nearly 4.4 million workers left their jobs in February, a number that has held steady as employers try to fill job openings.

The figure represents the third consecutive week that new claims fell below 200,000.

A Lot of Pandemic Economy Predictions Were Just Wrong

“As many prominent policy makers reckon uncomfortably with persistent inflation after months of forecasting that the phenomenon would be transitory, I’ve started making a list of other pandemic predictions about the economy that never materialized. There was the eviction tsunami and the ‘she-cession’ and the housing-market crash, and you can’t forget the state- and local-government deficit explosion. In each case, expectations set by economists, policy makers, advocates, and businesses have not borne out.”

The Atlantic

Surprise! Trump’s Not Sharing Funds with Republican Candidates

$110 million

“Former President Donald Trump is sitting on more than $110 million in campaign cash at a time when his party is trying to win control of Congress — and it’s starting to irk some in the GOP,” NBC News reports. “They are watching him rake in money from persistent email solicitations to the party’s small-donor base and at VIP receptions connected to a full schedule of campaign-style rallies. And they see a man stockpiling a war chest for another presidential run instead of using his prowess to boost the party.”