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U.S. Jobless Claims Fell by More Than Forecast Last Week

Economic IndicatorsMay 13, 2021 08:36AM ET
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© Bloomberg. A sushi chef works inside a restaurant in Los Angeles. Photographer: Bing Guan/Bloomberg

(Bloomberg) -- Applications for U.S. state unemployment insurance fell to a fresh pandemic low last week as businesses fill positions left open by restrictions.

Initial claims in regular state programs fell by 34,000 to 473,000 in the week ended May 8, Labor Department data showed Thursday. The median estimate in a Bloomberg survey of economists called for 490,000 claims. The prior week’s figure was revised up to 507,000.

The labor market continues to improve as more Americans get vaccinated and consumer demand picks up, helping spur economic activity. As more businesses and states lift remaining pandemic restrictions, hiring is expected to continue to accelerate.

Claims data have been volatile during the pandemic amid backlogs, fraud and new programs. Also, several states including South Carolina and Montana have recently said they plan to pull out of federal unemployment benefit programs amid a debate about whether generous aid is playing a role in why businesses are having a hard time hiring workers.

©2021 Bloomberg L.P.

U.S. Jobless Claims Fell by More Than Forecast Last Week
 

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Comments (1)
Edward Chong
Edward Chong May 13, 2021 8:45AM ET
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490 and 473 is it a big difference???
Charles Woolley
Charles Woolley May 13, 2021 8:45AM ET
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And it will be corrected to 505 next month... get the picture...
Hunt Richardson
Hunt Richardson May 13, 2021 8:45AM ET
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so called experts are often wildly off the mark
 
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