First-time unemployment claims fell sharply last week to 576,000, the lowest weekly figure since March 2020, according to the Labor Department.
That’s far below the 710,000 jobless claims economists polled by the Wall Street Journal expected to see the week ended April 10 and well down from 769,000 reported in the preceding week in what was a surprise spike.
The previous week’s level was revised up by 25,000 from 744,000 to 769,000. The four-week moving average was 683,000, a decrease of 47,250 from the previous week’s revised average. This is the lowest level for this average since March 14, 2020, when it was 225,500. The previous week’s average was revised up by 6,500 from 723,750 to 730,250.
Several factors are believed to be supporting growth across the economy, including rising vaccination rates, government relaxing restrictions on businesses, and federal stimulus funds.
Photo courtesy Microsoft
