The number of Americans filing new applications for unemployment benefits fell last week as the labor market recovery from the Corona pandemic gained momentum as the economy reopened, but the lack of workers willing to return to work may hinder faster job growth in the near term.
Today, Thursday, the US Department of Labor said that the total Government unemployment benefits claims First introduced 7000 orders fell to a seasonally adjusted 411k for the week ending June 19th.
Claims increased in the previous week for the first time since late April, as economists attributed the rise to volatility following the May 31 holiday.
Economists polled by Reuters had forecast 380,000 orders in the latest week.
Applications have fallen from a record 6.149 million in early April 2020. However, the number of applications is still well above the 200,000-250,000 range considered in line with a robust labor market.
On the other hand, a separate report of the US Department of Commerce confirmed today, Thursday, that economic growth accelerated in the first quarter thanks to the significant fiscal stimulus.
In its third estimate of growth for the first three months of the year, the government said gross domestic product increased at an annual rate of 6.4% in the previous quarter, not different from the estimates published last month.
The economy witnessed a growth of 4.3% during the last quarter of last year. The growth rate for this quarter is expected to be around 10%.