US jobless claims fell last week for the first time in four weeks, according to Labor Department data on Thursday that showed a drop of 8,000 from the previous week's filing
WASHINGTON (Pakistan Point News / Sputnik - 26th May, 2022) US jobless claims fell last week for the first time in four weeks, according to Labor Department data on Thursday that showed a drop of 8,000 from the previous week's filing.
"In the week ending May 21, the advance figure for seasonally adjusted initial claims was 210,000, a decrease of 8,000 from the previous week's unrevised level of 218,000," the Labor Department said in a news release.
Filings for jobless benefits had risen in three prior weeks, reaching their highest since March and signaling a consolidation in the long unyielding employment market.
Unemployment among Americans reached a record high of 14.8% in April 2020, with the loss of some 20 million jobs in the aftermath of the coronavirus breakout that year.
Jobs recovery has, however, been stellar over the past year, with the unemployment rate steadying at 3.6% for both March and April this year. The Federal Reserve defines a jobless rate of 4.0% and below as "maximum employment".
The economy itself contracted by 3.5% in 2020 from disruptions forced by the coronavirus pandemic. Last year though, growth was at 5.7%, expanding at its fastest pace since 1982.
