WASHINGTON (AP) – The number of Americans filing for first-time unemployment benefits continues to hit new pandemic lows each week.According to the U.S. Department of Labor, 406,000 people filed for jobless aid last week.
That’s down 38,000 from the previous week.
Unemployment Insurance Weekly Claims
Initial claims were 406,000 for the week ending 5/22 (-38,000).
Insured unemployment was 3,642,000 for the week ending 5/15 (-96,000).https://t.co/ys7Eg5LKAW
— US Labor Department (@USDOL) May 27, 2021
The number of weekly applications for jobless aid – a rough measure of the pace of layoffs – has fallen by more than half since January.
Meanwhile, U.S. economy grew at a robust annual rate of 6.4% in the first three months of this year, unchanged from the government’s initial estimate.
The recovery from last year’s deep recession gained steam has been helped by vaccines to combat the virus and trillions of dollars in government assistance.
The rise in the gross domestic product, the economy’s total output of goods and services, reported Thursday was the same as the government’s first look one month ago.
Upward revisions in spending by consumers, who account for two-thirds of economic activity, was offset by weaker growth in exports.
Economist believe GDP growth could top 10% in the current April-June quarter.
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