Weekly jobless claims fall below 400,000 for first time in over a year; feds report

[mystery-ak]

Weekly jobless claims fall below 400,000 for first time in over a year; feds report

The last time the numbers were under 400,000 was March of 2020.


By Misty Severi

Updated: June 3, 2021 - 4:36pm

   

For the first time in over a year, weekly first-time jobless claims have fallen below 400,000, the Labor Department reported Thursday morning.

The latest number is 385,000 for the week that ended May 29, the lowest it has been since March 14, 2020. The number that week was 256,000, CNBC reports. This is the fifth week in a row that the claims have declined, as the economy appear to be steadily recovering from the COVID-19 pandemic that resulted in record-high unemployment.

The report looks at first time filing for unemployment benefits, with a high aof 6.1 million in April of 2020 because offices were shutting down to slow the pandemic.

Although the new jobless claims have gone down, the continuing-unemployment claims have risen by 169,000 to 3.77 million. While the numbers are going down, they are still significantly higher than pre-pandemic numbers.

On Friday, the department will release the overall jobs number for many. Economist think the country will have added 677,000 new jobs, compared to 266,000 for April. The Wall Street Journal reports experts anticipate the unemployment rate fell to 5.9% in May, from 6.1% in April.

https://justthenews.com/nation/economy/weekly-jobless-claims-fall-below-400000-first-time-over-year-labor-department

[Smokin Joe]

It would be interesting to see where the progress was made.

I'd hazard a guess it was mainly in states where additional unemployment monies were shut down.

[catfish1957]

I typically don't like or use the term "dead cat bounce", but this so called roaring back of the economy is just a COVID adjustment hiding the fact that the Pedophillic President is doing everything EXACTLY WRONG to sustain Trump's good he did for the economic health of the country. (minus deficit spending)

If the BLS had a shred of decency or honesty they should be alerting the country of hyperinflation.  I am near 100% certain the last few numbers reported have been seriously cooked.