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.