Joe Biden, USA | New manure figures for Joe Biden

NEW YORK (Nettavisen): Thursday afternoon Norwegian time, surprising figures came in which show that unemployment is rising more than expected in the US, reports CNBC.

While the market expected the number of new unemployed to increase by 335,000, the new figures showed that as many as 362,000 new people registered as unemployed last week.

There is a sharp increase in the number of unemployed in California that pulls up the numbers.

There is also an increase of 27,000 new unemployed from the week before.

The number of long-term unemployed in the USA is now 2.84 million.

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Wall Street is on the rise

Although unemployment rose more than expected, it is not expected that Wall Street will react very negatively to the news. Dow Futures is still up around 0.4 percent and so is the S&P 500 Futures. Nasdaq Futures is up 0.5 percent.

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The US economy is growing

Wall Street is also affected on Thursday by positive figures, which show that the US economy grew at an annual rate of 6.7 percent in the second quarter.

In the months of April, May and June, the US economy grew at a rate corresponding to an annual growth of 6.7 per cent. According to the latest figures from the Ministry of Trade, growth in the second quarter is slightly higher than they had estimated.

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This will probably be the highest growth figures for the year. In the first and second quarters, the economy has received extra help from enormous public spending to mitigate the effects of the corona pandemic. Many millions of Americans have been paid cash benefits, unemployment benefit schemes have been expanded and small businesses have received large amounts of assistance.

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Now, however, a good part of these measures are being scaled down. In addition, the economy is still hampered by the widespread delta variant. In addition, the US economy is affected by the major supply problems in supply chains for, among other things, semiconductors that affect the entire world economy.

Most analysts estimate that growth in the third quarter, which ends on Thursday, will be around 4 percent. In total, however, the United States expects an overall increase in GDP of 5.7 per cent for the whole year. This will be the strongest growth since 1984, when growth was 7.2 per cent. Even then, the US economy was heading for a sharp downturn

The United States avoids closure

The good news for President Biden on Thursday is that the United States will probably avoid shutting down the state apparatus.

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On Thursday, the Senate will hold a vote on a proposal that will continue the financing of the state apparatus, the same day as the financing ends.

– We have agreed on a temporary solution to avoid a shutdown. We will vote on it early tomorrow, said Chuck Schumer, the leader of the Democrats in the Senate, late Wednesday.

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Will spend over four thousand billion dollars

The House of Representatives will vote on the proposal, which will secure funding until December 3, shortly after it is considered in the Senate. There is broad support for the proposal in both chambers, and it is expected that it will be adopted. Thus, politicians buy themselves time to create budgets for federal authorities.

Schumer also adds that the proposal provides continued financial support for aid after Hurricane Ida and other natural disasters, as well as for refugees the United States has taken in from Afghanistan.

To secure the funding, the Democrats had to remove a temporary increase in the debt ceiling. Finance Minister Janet Yellen believes this ceiling must be raised by October 18 to avoid a financial crisis, but Republicans believe Democrats can and must solve this problem on their own.

Democrats are also fighting for President Joe Biden’s major infrastructure and welfare packages, which will total more than $ 4 trillion. This led to Biden canceling a trip to Chicago on Wednesday so that he could support his party in Congress.