The U.S. employment image improved sharply final week, with first-time claims for unemployment insurance coverage hitting a recent pandemic-era low.
Preliminary claims totaled 498,000 for the week ended March 1, in opposition to the Dow Jones estimate of 527,000. That was down from the earlier week’s complete of 590,000, which noticed a considerable upward revision from the initially reported 553,000.
Whereas the roles market nonetheless has a protracted option to go earlier than it absolutely heals from the pandemic injury, enchancment has accelerated in current weeks as restrictions on exercise proceed to be lifted.
Although the tempo has eased recently, the U.S. remains to be vaccinating greater than 2 million individuals a day and shortly could have half the inhabitants with at the very least one shot.
The claims decline comes a day earlier than the Labor Division releases its nonfarm payroll depend for April. Economists count on that the financial system added one other 1 million jobs in the course of the month, with hiring prone to be the quickest within the hospitality sector, which sustained the worst of the pandemic-related injury.
Whereas final week’s numbers point out extra progress within the labor market, they will not determine into the nonfarm payrolls depend as they’re exterior the survey week the Bureau of Labor Statistics makes use of to compile its estimate.
A separate financial report confirmed that nonfarm enterprise labor productiveness accelerated 5.4% within the first quarter, properly above the 4.5% Dow Jones estimate, in accordance with the Bureau of Labor Statistics. Unit labor prices fell 0.3%, which was not as a lot because the 1% forecast.
That is breaking information. Please verify again right here for updates.
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