Another week, another report from the US Department of Labor, and the latest numbers show an improvement in the American labor market.
In the past week, 712,000 people filed for unemployment benefits for the first time. The numbers came in lower than the 775,000 forecasted. It is the first time since the pandemic started when the filings reached such a low point. It shows that the hiring process continues even if it is at a slower pace.
From the economists’ point of view, “initial claims likely will rebound strongly next week, probably rising above the 800K mark for the first time in eight weeks.”
Overall, more than 20 million Americans have been getting various benefits. Last year, only 1.57 million people received aid.
Now, all eyes will be on tomorrow’s non-farm payrolls also released by the Department of Labor.
Sources: forexfactory.com, cnbc.com