At the peak of the pandemic, unemployment was 14.7%.
The pandemic, which originated in China, put millions of Americans out of work.
The Labor Department saw jobless claims drop recently.
Americans are now going back to work and confident in the economy as the holidays draw closer.
(NewsReady.com) – Before the coronavirus began spreading across the globe, the unemployment rate was at 3.6% in the US — a 50-year low. The stock market, housing market, consumer spending, and retirement accounts were all up and the country was headed in the right direction.
Then everything stopped. COVID-19 ravaged the economy as states shut down and tried to control the spread. Fortunately, under President Donald Trump’s leadership, the tide is turning.
Jobless Claims Down
On October 29, the Labor Department released the latest job numbers. According to the report, jobless claims reached a new low during the pandemic. Last week, 751,000 Americans filed for unemployment benefits, down from 791,000 the week before.
The unemployment rate is currently at 7.6%. Although this is still four percentage points higher than its record low from the beginning of the year, it shows the country is headed in a positive direction.
Housing Prices and Consumer Confidence Up
The American people also received news that the housing market is going strong. According to the S&P CoreLogic Case-Shiller National Home Price Index, prices in August were up 5.7% from 4.8% in July. Experts say those are the biggest gains the market has seen in two years.
At the beginning of October, consumer confidence was also up. A University of Michigan survey found consumer sentiment was 81.8, up from September’s level of 80.4. That’s good news as the holidays near, but there are signs that confidence is a bit shaky with the election on the horizon.
Four More Years?
On Tuesday, November 3, Americans will go to the polls and decide whether to elect President Donald Trump to another four-year term. As commander-in-chief, his economic policies have been as fruitful as they are popular. But, will he be given the chance to solidify his record?
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