The 553,000 initial unemployment claims filings mark a slight drop but also a sign that the nation’s economic comeback is ‘starting to see some real firepower’
Weekly jobless claims fell to a pandemic low for the third consecutive week, the Labor Department reported Thursday, with 553,000 Americans filing for initial unemployment benefits for the week that ended April 24.
This marks a decrease of 13,000 compared with the previous week, putting the insured unemployment rate around 2.6 percent, the Labor Department said.
While claims remain elevated, the trajectory signals that growing vaccination numbers, loosening business restrictions and warmer weather are helping to heal the jobs market. The streak of declining claims started in mid-April, with a surprise drop of more than 175,000. Now, economists say they think the trend will continue. Continue reading.