Unemployment Claims Drop Sharply To Lowest Level Of Pandemic

Fewer and fewer Americans are filing for unemployment benefits as the economy recovers from COVID

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.

Read the full article here.