Updates to the Fourth Stimulus Check: Will Unemployment Increase Chances of New Payments in October? – Community News
Stimulus Check

Updates to the Fourth Stimulus Check: Will Unemployment Increase Chances of New Payments in October?

The Department of Labor announced Friday that the U.S. economy added an additional 531,000 nonfarm wage labor in October, surpassing the Dow Jones estimate of about 450,000.

The recovery in the US labor market appears to be gaining momentum and the unemployment rate across the country has fallen to 4.6 percent, the lowest figure since May 2020.

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US job market managed to recover growth

Job market growth was quite strong across the board, although it was the sector hardest hit by the pandemic of all sectors that witnessed the strongest growth swing. The production and transport, leisure and catering and storage sectors account for the surplus.

First month since July when forecasted estimates have been exceeded

The October jobs report will come as a big relief to President Joe Biden after two months of under-expected job creation. Practically speaking, since July, this is probably the first month that the current number will exceed all estimates made in this topic.

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All of this points to the US economy appearing to be on a growing track, leading to the lingering expectation of a fourth federal government stimulus set to go even further.

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Biden: ‘We are on the right track’

Just a few times after announcing the October jobs report, Biden was prompt to highlight the rise in jobs as a sign that the economic and social policies adopted by his administration were also efficient and effective.

The president stated at a White House conference that “America is going back to work. Our economy is starting to work for more Americans.”

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He added: “We laid the groundwork for this recovery with my US bailout plan passed by Congress at the start of my term in office.

It put money in the pockets of working families, gave families with children a tax cut every month, helped keep small businesses afloat in the dark days earlier this year, and provided the means to launch one of the fastest mass vaccination programs ever. launch.”

President Joe Biden has already been forced to make concessions

These comments are particularly emphasized in relation to the ongoing congressional negotiations over the fate of his Build Back Better legislative ambitions.

President Biden has already been pushed to make major changes to get moderate Democrats like Senator Joe Manchin and Senator Kyrsten Sinema into the support, and the concern is he won’t be able to get a vote on the proposals. maintain it until the end of the month.

So far, Biden’s domestic policy has been governed by two massive spending plans: the US bailout that was approved in March; and now the two-bill reconciliation bill, which is still at the center of discussions in Washington.

The president will wish that proof of the former’s victory will help rebuild the latter.