Initial claims for unemployment insurance fell to under 500,000 for the first time in more than a year, a further indication ahead of this morning’s employment report that the nation’s economic recovery—and rapid jobs creation—continue to gain steam.
Initial claims for unemployment insurance rose for the second straight week, the Labor Department reported yesterday, but their impact appears to have diminished amid stronger jobs reports and a growing U.S. economy.
Initial claims for unemployment insurance rose by more than 60,000 last week—a setback after the previous week’s sharp drop. But the Labor Department said the positive downward trend is likely to continue.
Initial claims for unemployment insurance fell by nearly 100,000 last week, dropping below 700,000 for the first time since the coronavirus pandemic staggered the U.S. economy last March, the Labor Department reported yesterday.