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New jobless claims fell to a fresh pandemic-era low of 498,000 last week


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New jobless claims fell to a fresh pandemic-era low of 498,000 last week

New weekly jobless claims set a new pandemic-era low last week, falling below 500,000 for the first time since March 2020, with initial filings trending decidedly lower in recent weeks amid the pick-up in economic activity.

The Department of Labor released its weekly report on new jobless claims Thursday at 8:30 a.m. ET. Here were the main metrics from the report, compared to consensus data compiled by Bloomberg:

    Initial jobless claims, week ended May 1: 498,000 vs. 538,000 expected and a revised 590,000 during the prior week

    Continuing claims, week ended April 24: 3.690 million vs. 3.620 million expected and a revised 3.653 million during the prior week

Consensus economists expected initial unemployment filings to hold below 600,000 for a fourth straight week, dipping to the lowest level since mid-March 2020. Thursday's print showed an even more marked decline.

Initial filings have slid over the course of the past year, pulling back sharply from a pandemic-era high of more than 6 million. New claims during the comparable week last year totaled nearly 3 million, but have held below 1 million since August 2020 as layoffs and other separations slowed.

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In order to be counted as unemployed a person has to be actively looking for work. But since many Democrats are giving up on working, they are falling out of the unemployment numbers, so Biden is having an exact repeat of the Obama years, where it flatlined for 8 years.

 

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6 minutes ago, MovieMadness said:

New jobless claims fell to a fresh pandemic-era low of 498,000 last week

New weekly jobless claims set a new pandemic-era low last week, falling below 500,000 for the first time since March 2020, with initial filings trending decidedly lower in recent weeks amid the pick-up in economic activity.

The Department of Labor released its weekly report on new jobless claims Thursday at 8:30 a.m. ET. Here were the main metrics from the report, compared to consensus data compiled by Bloomberg:

    Initial jobless claims, week ended May 1: 498,000 vs. 538,000 expected and a revised 590,000 during the prior week

    Continuing claims, week ended April 24: 3.690 million vs. 3.620 million expected and a revised 3.653 million during the prior week

Consensus economists expected initial unemployment filings to hold below 600,000 for a fourth straight week, dipping to the lowest level since mid-March 2020. Thursday's print showed an even more marked decline.

Initial filings have slid over the course of the past year, pulling back sharply from a pandemic-era high of more than 6 million. New claims during the comparable week last year totaled nearly 3 million, but have held below 1 million since August 2020 as layoffs and other separations slowed.

****************************************************

In order to be counted as unemployed a person has to be actively looking for work. But since many Democrats are giving up on working, they are falling out of the unemployment numbers, so Biden is having an exact repeat of the Obama years, where it flatlined for 8 years.

 

When the numbers are favourable ...

Obama jobless numbers - not real

Trump jobless numbers - real

Biden jobless numbers - not real

Got it.

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