Initial jobless claims last week were slightly higher than anticipated but still reflective of a labor market where employers are unlikely to fire workers.
- First-time claims for benefits in the week ended April 16 amounted to 184,000 for the week, a decrease of 2,000 from the prior week.
- The data signal that the US unemployment picture remains historically tight as job openings surpass the available labor pool by nearly 5 million.
- Continuing claims, a number that runs a week behind the headline number, dropped by 58,000 to 1.417 million, the lowest level since 1970.
- The jobless claims figures signal the continued progress of hiring. The total of those receiving benefits fell to 1.62 million.
A year earlier, the total was 17.4 million, a number pared as the government expanded unemployment benefits and as hiring rose after the release of Covid-19 vaccines and a sharp decline in virus cases.
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Source: US Department of Labor