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U.S. Labor Market Strengthens Again as Jobless Claims Hit New Post-Covid Low

Economic Indicators Apr 22, 2021 08:38AM ET
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© Reuters.

By Geoffrey Smith 

Investing.com -- The improvement in the U.S. labor market continued last week as the service sector in particular built on recent gains thanks to the relaxation of lockdown measures across the country.

The number of people making initial claims for jobless benefits fell to 547,000 last week, their lowest since the start of the pandemic, from an upwardly-revised 586,000 the week before, the Labor Department said in a weekly release.

The number of continuing claims under regular state programs fell to 3.764 million, from 3.708 million a week earlier. Continuing claims are reported with a one-week lag to initial claims.

Analysts had expected initial claims to rise modestly to 617,000.

The broader measure of people claiming benefits under all unemployment-related insurance programs, which has been consistently volatile this year, rose by just under 500,000 to 17.405 million in the week through April 3.

"Unemployment Insurance claims dropped across most states, a positive indication that the decline is broad-based rather than the result of changes in just a few states," said Glassdoor senior economist Danial Zhao via Twitter. "Claims are still over double pre-crisis levels, but at least are making progress."

The brightening picture from the labor market - also reflected in outside job gains last month - is also being corroborated in other areas, with retail sales in March rising by a thumping 9.8%.

U.S. Labor Market Strengthens Again as Jobless Claims Hit New Post-Covid Low
 

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Comments (12)
Nouman ch
Nouman ch May 12, 2021 6:02AM ET
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jobless claim.usd up or dwon. please guide me
Kevin McCarthy
Kevin McCarthy Apr 22, 2021 9:58AM ET
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retail sales are misleading. of coarse they are higher, everything costs more. it's a symptom of it over zealous inflationary policy. Inflation isn't transitory if there is no plan to reduce M3 and the FED balance sheet. as for the labor market, how about comparing it to pre-pandemic levels instead of the pandemic levels. how close are we to that? I sure won't be going back to work for $15 an hour after the M3 has gone up how much percentage since the last increase to minimum wage? profit is up big according to earnings, so how can an increase to wages not be justified by that alone?
Casador Del Oso
Casador Del Oso Apr 22, 2021 9:15AM ET
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Yay, happy days are here again! Still over 500K claims, d'oh.
Pietro Rosato
Pietro Rosato Apr 22, 2021 9:00AM ET
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So first time unemployment filers dropped, but the number to total unemployed has not. This particular stat is meaningless by itself.
Luke Lee
Luke Lee Apr 22, 2021 9:00AM ET
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Yeah, this should read "first time unemployment filers dropped because the government is being really slow at processing claims to make the numbers look better"
The Bull
The Bull Apr 22, 2021 8:57AM ET
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As soon as the unemployment help is gone, people will get back to work quick. There's people that make more on unemployment than when they worked.
Gabe CC
Methuselah Apr 22, 2021 8:57AM ET
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exactly.  Read my earlier post about the what I overheard at Dunkin Donuts this morning....
Gabe CC
Methuselah Apr 22, 2021 8:56AM ET
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Just wait.....the 2.5 million borrowers currently in forbearance programs, not paying their mortgage are in for a rude awakening come this fall.  If the economy hasn't tanked by then, it will when all those dollars currently being spent on Starbucks, Robinhood, door dash etc, gets sucked out of the economy and returns to paying their mortgage....Oh and don't forget those who say "Eff it" and default.
Pietro Rosato
Pietro Rosato Apr 22, 2021 8:56AM ET
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that is the tidal wave coming.
Sasa Martiena
ONELOFF Apr 22, 2021 8:56AM ET
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I couldn’t agree more! Beside this crisis people still want to be 100 years old but live only for today. Want their life changed but don’t change their habits. A lot of cheap houses waiting to be bought soon.
Casador Del Oso
Casador Del Oso Apr 22, 2021 8:56AM ET
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Absolutely correct!
George Pichurov
George Pichurov Apr 22, 2021 8:49AM ET
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"fell to 3.764 million, from 3.708 million" Is my math something wrong?
Gabe CC
Methuselah Apr 22, 2021 8:49AM ET
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Nope. He is just one of the millions sitting at home "working"......
Gabe CC
Methuselah Apr 22, 2021 8:49AM ET
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"The number of continuing claims under regular state programs fell to 3.764 million, from 3.708 million a week earlier".   Ever heard of math????  Geezzz....
Leon Kelly
Leon Kelly Apr 22, 2021 8:47AM ET
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a lot of new burger flippers
Mike Chen
Mike Chen Apr 22, 2021 8:45AM ET
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Fed needs full employment! Still far away from the target! More stimulus coming! Party is on!
 
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