Unemployment benefit claims increased last week, according to a Department of Labor report released Thursday.
The report shows that 260,000 individuals signed up for unemployment benefits during the week of July 24, 6,000 more than the week before and 42,000 more than 2019's pre-pandemic average, Fox News reported. The week before, the number of total people who receive consecutive benefit payouts rose by 48,000.
The Federal Reserve in June predicted massive job loss through the end of next year, saying jobless claims could reach as high as 7.4 million.
Biden on May 20 claimed responsibility for the then-low unemployment rate, which he said is "the direct result of my economic plan to rebuild the economy from the bottom up and the middle out through the historic American Rescue Plan and a nationwide vaccination strategy."
The president made that statement as inflation rose to levels not seen in 40 years, forcing Americans to spend more for basic needs. Many economists have blamed skyrocketing inflation on Biden's $2 trillion stimulus package. One of the administration's favorite economists, meanwhile, says a White House-backed bill to reduce inflation will do little to help, the Washington Free Beacon reported.