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US jobless claims fall below 400,000 while private payrolls spike

US jobless claims fall below 400,000 while private payrolls spike

Washington, Jun 4 (Prensa Latina) The number of US citizens filing new claims for unemployment benefits dropped below 400,000 last week for the first time since the Covid-19 outbreak more than a year ago, the United States Department of Labor (DOL) reported.
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Such a figure showed that job creation grows as the domestic economy reopens, although state unemployment benefit claims remain at historically high levels.

While initial claims have dropped from a record of 6.149 million in early April 2020, at the height of pandemic lockdowns, they are still well above the usual 200,000-to-250,000 range seen during a healthy labor market.

According to official statistics there is a rebound in economic growth and sustained employment recovery, after the coronavirus-caused recession.

More people go out to buy, travel, eat and meet in leisure sites, so the increased consumer spending leads companies to open new jobs, the DOL noted.

Employers added 1.8 million jobs this year, an average of more than 450,000 per month, and May’s labor report is expected to reveal that 656,000 jobs were created last month, according to FactSet.

The US economy has 8,200,000 fewer jobs than in February 2020, shortly before the spread of the coronavirus.


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