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Initial Jobless Claims Fall to 444k, New Post-Pandemic Low

Published 05/20/2021, 08:31 AM
Updated 05/20/2021, 08:38 AM
© Reuters.

© Reuters.

By Geoffrey Smith 

Investing.com -- The number of people filing initial claims for jobless benefits fell to a new post-pandemic low last week, adding to evidence of a steady recovery in the labor market as the economy reopens.

Initial jobless claims fell to 444,000, from a total of 478,000 the previous week, which was revised upward by 5,000. 

The number of continuing claims, which are measured with a one-week time lag to initial ones, rose however by over 100,000 to 3.751 million. 

The broadest measure of all those claiming unemployment-related benefits, however, corroborated the general downward trend. It fell by some 900,000 to 15.975 million as of the week ending May 1, the Labor Department said.

The numbers will do little to change perceptions of a job market recovery that is still closer to its start than its end. The presence of 16 million Americans still claiming some sort of dole is likely to carry huge weight with  Federal Reserve officials who have consistently argued that they should not withdraw monetary stimulus until the labor market has made "substantial progress".

At the margins, the rise in continuing claims may reinforce concerns about mismatches between the supply of labor and the demand for it, as the jobs destroyed by the pandemic are replaced by new ones requiring different skills. That issue was seen as largely responsible for the disappointing labor market report for April, which saw hiring rebound much more weakly than expected.

"While the ongoing improvement in initial claims is encouraging, the progress in continuing claims has slowed significantly in the last few weeks," said Daniel Zhao,. senior economist with Glassdoor, via Twitter. He warned to be on the lookout for any other signs of a slowing market recovery ahead of the May jobs report in just over two weeks' time. 

Latest comments

happy days are here again
More losses whisked out of the biggest investment joke in the world.  Assume the proper position America.
Gas prices have doubled ,the southern border has been thrown wide open, inflation already out of control... ... Biden has averaged spending over one TRILLION dollars per month since the election or installation. Need I go on.
... go on
noise... this economy is moving or busting around inflation. even if everyone goes to work, inflation is tax and employment numbers won't get people to pay higher prices.
Celebrate 444 thousand new jobless claims?? Ummm ok... lets celebrate massive inflation next... or kids in cages on the border... pr war in the gaza strip...
wow JOE BIDEN is the best president we ever had and not by a little either but by a huge amount
BWAHAHAHAHA
He inherited a mess. This is what happens when you elect someone (a ***** to be soon charged with fraud. Btw presidents do little to affect the economy as a whole, however they do take credit for it. “Trump supporters and voters are very different.” The later are okay, the previous are in fact deplorables. Please dont get your vaccine, we dont want you in the gene pool any longer.
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????
Will be interesting to see how much that decrease accelerates as numerous states, especially in the South, discontinue the extra federal UI benefits.
Does that means rate hike is coming as things recover to pre pandemic?
lets hope so. Havent had interest rates above 4% in the last 12 years. Would be nice to earn a decent return on something other than stocks or crypto.
Tapper coming, market crashing soon! Seek shelter (safe heavens)
Seek refuge in small cap BIOTECH
interest rates go up dont be in biotech or any tech
 how did that work out? Lol
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