US jobless claims fell last week to fresh pandemic-era low

The Labor Department said there were 576,000 new jobless claims filed last week, seasonally adjusted, far fewer than analysts had expected and the lowest level since the week ended March 14,2020 (AFP)Premium
The Labor Department said there were 576,000 new jobless claims filed last week, seasonally adjusted, far fewer than analysts had expected and the lowest level since the week ended March 14,2020 (AFP)
 1 min read . Updated: 29 Apr 2021, 06:14 PM IST Bloomberg

Applications for U.S. state unemployment insurance fell last week to a fresh pandemic low as more Americans get vaccinated and return to work.

Initial claims in regular state programs decreased by 13,000 to 553,000 in the week ended April 24, Labor Department data showed Thursday. The median estimate in a Bloomberg survey of economists was 540,000 claims. The prior week’s total was revised up to 566,000.

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The drop in unemployment benefits applications is the latest sign the job market is steadily returning to its pre-pandemic strength. As more businesses and states reopen in the coming months, hiring is expected to continue to accelerate. Claims data have been volatile during the pandemic amid backlogs, fraud and new programs.

This story has been published from a wire agency feed without modifications to the text. Only the headline has been changed.

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