First-time claims for unemployment benefits are coming in lower than expected. There were 498-thousand initial claims last week, which is 92-thousand fewer than the previous week’s revised total. That’s also the lowest number of first-time claims since March 14th of 2020. The experts were expecting the number to be closer to 545-thousand.
The economy is still millions of jobs below the level when the coronavirus pandemic hit, but the pace of improvement keeps picking up as governments are lifting restrictions on activity.