The US employment situation improved sharply last week, with unemployment insurance claims reaching new lows in the pandemic era.
The first bill for the week ending March 1 totaled 498,000, compared to Dow Jones’ estimated 527,000. This was down from the previously reported 553,000, a significant upward revision from the previous week’s total of 590,000.
The job market has a long way to go before it is fully recovered from the pandemic damage, but improvements have accelerated in recent weeks as activity restrictions continue to be lifted.
Although the pace has slowed recently, the United States still vaccinates more than 2 million people a day, and soon half of the population will be vaccinated at least once.
The reduction in complaints occurs one day before the Ministry of Labor announces the number of non-farm payrolls in April. Economists expect the economy to add another million jobs during the month, the fastest increase in jobs in the worst-hit pandemic-related hospitality sector.
However, ongoing billing was actually higher than last week, just below 37,000 to 3.7 million. The four-week moving average of claims fell to 3.68 million, the lowest since March 28, 2020. This is the same as starting the fight against the Covid19 virus, which is widespread in mass severance.
Last week’s numbers show further growth in the labor market, but they are not reflected in the number of non-farm payrolls as they are outside the study week that the Bureau of Labor Statistics uses to compile estimates.
According to another economic report, labor productivity of non-agribusiness companies accelerated by 5.4% in the first quarter, well above Dow Jones’ estimated 4.5%, according to the Bureau of Labor Statistics. Unit labor costs were down 0.3%, which was not as good as the 1% forecast.
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Weekly unemployed billing
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