US initial jobless claims fall to 444,000
By Iain Gilbert
Date: Thursday 20 May 2021
(Sharecast News) - The number of Americans lining up for unemployment benefits fell below 500,000 in the week ended 15 May, indicating that job growth has picked up across the US in May, despite companies remaining desperate to fill roles.
According to the Labor Department, initial claims for state unemployment benefits came to a seasonally adjusted total of 444,000 last week, down from 478,000 in the prior week to the lowest seen since halfway through March 2020 but still well above the 200,000 to 250,000 range viewed as indicative of a healthy labour market. Economists were expecting a reading of 450,000.
However, continuing claims edged higher to 3.75m, an increase of 111,000.
Looking forward, unemployment applications were now seen as being likely to fall further over coming weeks as Republican governors across 21 states have vowed to withdraw from unemployment programmes funded by the federal government next month. These programmes include a $300 weekly subsidy, which firms have claimed encourage unemployed Americans to stay home rather than seek employment
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