First-Time Claims for Unemployment Insurance Decrease to 576,000, Lowest Total in 13 Months
WASHINGTON, D.C. — A total of 576,000 Americans filed for first-time unemployment assistance for the week that ended April 10, the U.S. Department of Labor reported Thursday. These claims were the lowest figures seen since March 14, 2020 (256,000 claims). The amount of initial jobless claims was lower than the 744,000 figure that economists surveyed by Dow Jones predicted. Continuing claims, for which data lags a week, decreased by 98,000 to a little more than 3.76 million.
In addition to the stimulus checks distributed last month, unemployed workers can get an additional $300 each week until September of this year. Currently more people are spending money on gyms, hotels and restaurants as they have more discretionary income, according to CNBC.
Despite the positive tailwinds, the U.S. economy remains in recovery mode. U.S. payrolls in March were still lower than their level in February 2020 by approximately 8.4 million.