BIDEN BOOM: Another Week, Another Decline In Unemployment Claims
May 6, 2021
|For the fourth week in a row, jobless claims hit a new pandemic-era low, as more Americans are finding jobs with an economy on its way to an economic boom.
Last week became the fourth successive week new jobless claims hit a new low for the pandemic as businesses open up and vaccinations speed up our return to normalcy.
Associated Press: “The number of Americans seeking unemployment aid fell last week to 498,000, the lowest point since the viral pandemic struck 14 months ago and a sign of the job market’s growing strength as businesses reopen and consumers step up spending.”
Associated Press: “As vaccinations have been more widely administered, restrictions on businesses have gradually lifted and consumers have become more willing to travel, shop and dine out, stronger spending has boosted hiring, slowed layoffs and accelerated growth. The economy grew last quarter at a vigorous 6.4% annual rate, with expectations that the current quarter will be even better.”
This comes ahead of tomorrow’s jobs report that is widely expected to reflect another strong month as Americans find jobs.
Associated Press: “Analysts have forecast that when the monthly jobs report is released Friday, it will show that the economy added 975,000 jobs in April, according to data provider FactSet, and that the unemployment rate fell from 6% to 5.8%. That would show that more Americans are looking for work and more employers are hiring them.”