Sharp employment rebound strongest indicator of recovery: Citi economist
Applications for U.S. state unemployment insurance fell last week to a fresh pandemic low as more Americans get vaccinated and return to work.
Initial claims in regular state programs decreased by 13,000 to 553,000 in the week ended April 24, Labor Department data showed Thursday. The median estimate in a Bloomberg survey of economists was 540,000 claims. The prior week’s total was revised up to 566,000.
The drop in unemployment benefits applications is the latest sign the job market is steadily returning to its pre-pandemic strength. As more businesses and states reopen in the coming months, hiring is expected to continue to accelerate. Claims data have been volatile during the pandemic amid backlogs, fraud and new programs.