Jobless Claims Plunges to Below 500,000 to Hit the Lowest Since March 2020

Jobless Claims Plunges to Below 500,000 to Hit the Lowest Since March 2020

US Jobless claims was 498,000 for the week ending May 1, down 92,000 from the previous week, according to the Department of Labor press release. The claims were lower than expected 527,000 and the lowest since March 14, 2020.

Jobless Claims Plunges to Below 500,000 to Hit the Lowest Since March 2020

Previous week’s jobless claims were revised up by 37,000 to 590,000.

The four-week moving average initial claims was 560,000, down 61,000 from the previous week.

Continuing claims rose by 37,000 from the previous week to reach 3.690 million.

Previous week’s continuing claims were revised down by 7,000 to 3.653 million.

Unadjusted advance initial claims under state programs reached 504,670 after declining by 107,390.

US stocks and the dollar are currently declining. SPY is down 0.0048% on premarket, QQQ is down 0.064% on premarket, EURUSD is up 0.44%.

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