{"id":115182,"date":"2021-05-27T13:36:12","date_gmt":"2021-05-27T13:36:12","guid":{"rendered":"https:\/\/fin2me.com\/?p=115182"},"modified":"2021-05-27T13:36:12","modified_gmt":"2021-05-27T13:36:12","slug":"jobs-picture-continues-improvement-as-unemployment-claims-slide","status":"publish","type":"post","link":"https:\/\/fin2me.com\/business\/jobs-picture-continues-improvement-as-unemployment-claims-slide\/","title":{"rendered":"Jobs picture continues improvement as unemployment claims slide"},"content":{"rendered":"

The U.S. jobs market edged closer to its pre-pandemic self last week as initial jobless claims totaled just 406,000 for the week ended May 22, the Labor Department reported Thursday.<\/p>\n

While that levelis still well above the norm before Covid-19 struck in March 2020, it is the closest to the previous trend since the crisis began and a decline from the previous week's 444,000.<\/p>\n

Zoom In Icon<\/title>Arrows pointing outwards<\/desc><\/circle><\/path><\/svg><\/p>\n

In a separate report, the Commerce Department left its initial estimate on first-quarter gross domestic product unchanged at 6.4%. Also, orders for long-last goods unexpectedly declined by 1.3%, against the forecast for a 0.9% gain. However, excluding transportation, orders rose 1%.<\/p>\n

Economists surveyed by Dow Jones had been looking for 425,000 initial jobless claims at the second GDP reading to show 6.6% growth.<\/p>\n

For the week ended March 7, 2020, just before the pandemic became a factor, claims totaled 212,000. As of May 23, 2020, claims totaled nearly 1.9 million.<\/p>\n

While claims had remained elevated through the pandemic period, they've recently made a marked shift lower amid the economic reopening spurred by accelerated vaccines and sharp decline in Covid cases.<\/p>\n

Multiple states also have been shutting down their extended benefits programs as business reopens and unemployment levels decline.<\/p>\n

Continuing claims fell sharply, declining by 96,000 to 3.64 million, bringing the four-week moving average down to 3.68 million. That number runs a week behind the headline claims total.<\/p>\n

Zoom In Icon<\/title>Arrows pointing outwards<\/desc><\/circle><\/path><\/svg><\/p>\n

Those receiving benefits under all programs also declined, edging down to 15.8 million amid continuing decreases in those applying through special pandemic-related programs.<\/p>\n

GDP estimate unchanged<\/h2>\n

In the GDP report, the second estimate was unchanged from a month ago as upwardly revised indicators for consumer spending and nonresidential fixed investment weren't enough to offset downward changes to exports and private inventory investment.<\/p>\n

Though the number missed Wall Street expectations, it still reflected strong growth in a U.S. economy that at one time was expected to sputter as the new year began.<\/p>\n

One area that could draw attention was an upward revision on inflation-related readings.<\/p>\n

The core personal consumption expenditures price index is now at 2.5% compared to the initial 2.3% estimate. Federal Reserve officials closely watch PCE readings, even more so now that inflation pressures continue to build.<\/p>\n

The Fed expects the recent spate of price spikes to be temporary due to supply chain bottlenecks, while comparisons to a year ago look high because of the economic shutdown related to the pandemic in 2020.<\/p>\n

This is breaking news. Please check back here for updates<\/em>.<\/p>\n

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Source: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

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