Signs of progress as new unemployment claims dropped to their lowest level of the pandemic last week and retail sales surged 9.8% in March.
From the New York Times:
Jobless claims fell last week to their lowest level of the pandemic and the latest data on retail sales blew past expectations, renewing confidence in a dynamic economic revival.
About 613,000 people filed first-time claims for state unemployment benefits last week, the Labor Department said Thursday, a decrease of 153,000 from the previous week.
In addition, 132,000 filed for Pandemic Unemployment Assistance, a federal program that covers freelancers, part-timers and others who do not routinely qualify for state benefits. That was a decline of 20,000 from the previous week.
Breaking News: U.S. unemployment claims fell to the lowest level of the pandemic and retail sales jumped, signs of a recovery aided by vaccines and economic stimulus. https://t.co/7aM7deoKdG
— The New York Times (@nytimes) April 15, 2021
Still a LONG way to go: 16m+ still on unemployment.
But thanks to the American Rescue plan — faster shots, rescue checks — we are moving in the right direction. https://t.co/EIlejKO5Mm
— Ronald Klain (@WHCOS) April 15, 2021