General Category > Economy/Business

Weekly jobless claims fall to 498K, hitting new post-lockdown low


Weekly jobless claims fall to 498K, hitting new post-lockdown low
By Sylvan Lane - 05/06/21 08:41 AM EDT

Weekly first-time claims for unemployment insurance fell below 500,000 last week for the first time since the onset of the coronavirus pandemic according to data released Thursday by the Labor Department.

Initial applications for jobless benefits came in 498,000 in the week ending May 1, a drop of 98,000 from the previous week’s revised total of 590,000, which was initially reported at 553,000.

Last week’s sharp drop pushed weekly jobless claims to their lowest level since March 14, 2020, when millions of Americans were pushed out of work by the emerging pandemic. Weekly jobless claims peaked at 3.3 million in April and stayed within the seven-digit range through much of the year.

Jobless claims have dropped off substantially since March as accelerating COVID-19 vaccinations, federal stimulus and loosening restrictions helped fuel the rebound from the coronavirus recession.

The economy grew at an annualized rate of 6.4 percent in the first quarter of 2021, and the federal monthly jobs report, set to be released Friday, is expected to show a gain of at least 700,000 jobs in April.


The American economy is very strong and resilient. Just open up everything and it will grow on its own. We don’t need stimulus or infrastructure bills or green economies. Those things threaten the economy


[0] Message Index

Go to full version