Unemployment Claims Hit Pandemic Low for Fourth Consecutive Week

Jobless claims in the United States dropped to the lowest level since the coronavirus disease 2019 hit the economy for the fourth straight week, the Labor Department reported.

• Initial jobless claims fell 92,000 to 498,000 for the week ending May 1. This is the lowest since claims were recorded at 256,000 for the week ending March 14, 2020.
• The previous week’s level was revised upward by 37,000 to 590,000 to bring the four-week average to 560,000. This was the lowest since March 14 last year when it was 225,500.
• The seasonally adjusted insured unemployment rate was 2.6% for the week ending April 24, with insured unemployment for the week at 3.690 million.
• The four-week moving average of insured unemployment was recorded at 3.675 million, the lowest since March 28, 2020, when it was 3.611 million.
• The biggest jumps in initial claims for the week ending April 24 were in Virginia, Florida, Michigan, California, and Oregon. 
• The biggest drops for those were recorded in Texas, Wisconsin, Tennessee, Georgia, and Iowa.