Breaking News
0
Ad-Free Version. Upgrade your Investing.com experience. Save up to 40% More details

Initial Jobless Claims Drop to New Post-Pandemic Low as Recovery Strengthens

Economic IndicatorsMay 06, 2021 08:39AM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters.

By Geoffrey Smith 

Investing.com -- The number of initial claims for jobless benefits dropped to a new post-pandemic low last week in a further sign that the economic recovery is gaining strength.

Initial claims fell to 498,000 from an upwardly revised 590,000 the week before. Analysts had expected a figure of 540,000. The revision to last week's figures all but neutralized the positive 'surprise' on this week's number.

The number of people making continuing claims for regular state benefits rose unexpectedly to  3.690 million from 3.653 million. These numbers are reported with a one-month lag to the initial claims numbers. The broader measure of people claiming under all unemployment-related benefit programs, including those set up to deal with the pandemic emergency, fell by just over 400,000 to 16.157 million. These numbers are reported with an additional week's lag. 

The Labor Department's data are consistent with the pattern in ADP's private payrolls survey for April, which showed 742,000 net job additions last month, the most since September. 

"This is a large acceleration in improvement from Feb–Mar to now—a positive sign," said Daniel Zhao, senior economist with Glassdoor, via Twitter.

The reopening of the hospitality sector in particular has eased the pressure on labor-intensive industries in recent weeks. According to ADP, some 237,000 people were hired by the sector last month. Although the numbers don't map exactly, ADP's figures are a good omen for the government's official labor market report for April, which is due for release on Friday.

Separately on Thursday, a regular but not exhaustive survey of layoffs across the country showed jobs being shed at their slowest rate since 2000. Challenger, Gray and Christmas' monthly report showed fewer than 23,000 job cuts last month, down from nearly 31,000 in March and a peak of 671,000 last year.

Initial Jobless Claims Drop to New Post-Pandemic Low as Recovery Strengthens
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: 

  • Enrich the conversation
  • Stay focused and on track. Only post material that’s relevant to the topic being discussed.
  • Be respectful. Even negative opinions can be framed positively and diplomatically.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Comments (5)
franklin neversoy
franklin neversoy May 06, 2021 5:36PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Don’t mean squat some claims just expire funny how that part always left out don’t mean a big job number Wednesday guess never 👎 right
perplexed76 .
perplexed76 . May 06, 2021 11:54AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
next week they'll revised it to 550 and so on
Nicholas Volker
Nicholas Volker May 06, 2021 9:06AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Fake!!
Stan Smith
Stan Smith May 06, 2021 8:55AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Fudged with a capital F
Jeffrey Vose
Jeffrey Vose May 06, 2021 8:44AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Gotta love these stock photos they use on this site.
Stan Smith
Stan Smith May 06, 2021 8:44AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Carefully chosen to reflect political agenda accuracy
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Continue with Google
or
Sign up with Email