The number of Americans submitting new claims for unemployment benefits has recorded a decline in the past week driven by brisk economic activity, increased vaccinations and economic opening up.
Initial claims for unemployment benefits were 444,000 for the week ending May 15 based on a report released by the Department of Labor on Thursday. Economists even expect jobs to drop to 452,000. This number shows a decrease from 478,000 the previous week.
While Federal Reserve officials continue to stress the need for greater increases in the labor market, the number of claims indicates that jobs are growing consistently. In total since the pandemic to 3.75 million.
In conclusion, this declining number of jobless claims has provided little reassurance from the shocking disappointment in April in which non -agricultural wages rose only 266,000 against an estimated 1 million.
