This is really all we need to know about Americans’ 'state of the union' that President Biden touted last Tuesday in his annual address. Just look how low COVID infection rates have fallen in the CDC’s most recent data graph.
The CDC reported “As of February 23, 2022, the current 7-day moving average of daily new cases (75,208) decreased 37.7% compared with the previous 7-day moving average (120,761).”
Those Americans still holding back from work because they are caring for children or elderly parents, or for a myriad of other reasons due to fears from contagions, need no longer to do so. The Omicron variant has been tamed, and there are no other variants on the horizon at the moment.
The latest initial unemployment claim stats confirm that work is the best place to be now that the US economy is roaring again, wages are rising and almost 11 million job openings beckon.
New applications for unemployment benefits fell by 18,000 to a two-month low of 215,000 in the last week of February, pointing to a pickup in hiring and declining layoffs as the economy rebounded from an omicron-induced lull.
The 10-year FRED graph of initial unemployment claims shows just how normal the claims’ numbers have become. Initial jobless claims declined from a revised 233,000 in the prior week, the Labor Department said Thursday.
Now that serious sanctions are in place, what will happen? Oil prices will surge
And inflation may be prolonged, which is another reason unemployed workers won’t remain on the sidelines much longer.
And what about the Russian Oligarchs support of Putin’s war with Ukraine? How much longer can they hold out? France just announced the first seizure of an Oligarch’s yacht In Marseille, and Treasury Secretary Yellen just announced she will be doing the same.i
“We have made it a priority to go after oligarchs or Russian elites who are key to President Putin’s corrupt power,” Yellen said. She added that Treasury, along with the Justice Department and U.S. allies, plans to “uncover, freeze and seize their wealth around the world.”
Inflation won’t recede soon with soaring oil prices, but that is also a sign that higher economic growth is in the cards for the New Year, as consumers and business continue to spend their excess savings.
Both Institute of Supply Management surveys for the U.S. service and manufacturing sectors are still in the mid-fifties, signaling that they could even go higher if it wasn’t for the supply and labor shortages.
So let’s see how long Putin’s oligarchs can hold out and support his killing of Ukrainians, which seems to be the only thing that could stop him? My guess is not for long.
Harlan Green © 2022
Follow Harlan Green on Twitter: https://twitter.com/HarlanGreen
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