Unemployment Claims Remain Low

States reported that 200,000 workers filed for new unemployment benefits during the week ending Apr. 30, reflecting an extremely tight labor market. Jobless claims have remained near historic lows since late 2021. Claims had totaled near 600,000 one year ago. The number of workers continuing to claim unemployment benefits—1.38 million—is also well below its pre-pandemic average of 1.7 million.

Additional reports show that demand for workers is far outstripping supply. In March, job openings hit a record high of more than 11.5 million, outnumbering officially unemployed workers by about 5.5 million. Payroll processing firm ADP reported yesterday that U.S. employers added 247,000 jobs in April, coming in below economists’ estimates. The employment report from the U.S. Bureau of Labor Statistics is due tomorrow.
Source: New feed 2