The numbers decline for the fourth week in a row as more Americans get vaccinated and trade reopens.
Claims for state unemployment insurance benefits in the United States declined for the fourth week in a row as more Americans get vaccinated and business reopens for anxious customers.
Initial applications in regular state programs dropped by 38,000 to 406,000 in the week ending May 22, data from the Labor Department showed Thursday. The median estimate in a Bloomberg survey of economists was 425,000 applications.
The decrease in applications highlights that the recovery of the labor market is advancing thanks to the relaxation of the remaining restrictions implemented by the pandemic. Hiring is expected to continue to rise in the coming months as more Americans travel and socialize.
Application data has been volatile during the pandemic due to delays, fraud, and new programs. Additionally, several states have recently announced plans to withdraw from federal unemployment benefit programs amid a debate over whether the aid is making it harder for employers to hire workers.
Stock futures were little changed after the jobless claims report and other data showing US commercial equipment orders rose more than expected. Orders to commercial equipment factories posted the biggest increase in eight months in April, the Commerce Department said Thursday.
Washington, New Jersey and Florida were the states with the biggest declines last week, Thursday’s data shows.
Ongoing ongoing claims for state benefits were reduced in the week ending May 15.
