U.S. first-time unemployment claims fell much more than expected last week to reach the lowest level since 1968, with the rate of new layoffs and firings staying low compared to pre-pandemic averages.
The Labor Department released its latest weekly jobless claims report Thursday and here are the main metrics as compared to consensus estimates compiled by Bloomberg:
- Initial jobless claims, week ended April 2: 166,000 versus 200,000 expected, and a revised 171,0000 during prior week
- Continuing claims, week ended March 26: 1.52 million versus 1.30 million, expected and a revised 1.51 million during prior week
The number of new claims filed last week marked the least in more than five decades and represented a third consecutive week that new claims were below 200,000. The prior week’s new claims were also markedly downwardly revised to 171,000, from the 202,000 previously reported for the end of March. Prior to the pandemic, new claims were averaging around 218,000 per week throughout 2019.
As reported in The Elkhart Truth, the Elkhart-Goshen metropolitan statistical area maintained its top spot Wednesday, chalking up the lowest unemployment rate in the nation for a second consecutive month.
To see the full report from Emily McCormick at Yahoo Finance click here.
