The Department of Labor announced on Thursday that nearly 3.17 million more Americans filed jobless claims last week, bringing the seven-week grand total to 33.5 million Americans.
In the week ending May 2, the advance figure for seasonally adjusted initial claims was 3,169,000, a decrease of 677,000 from the previous week’s revised level.
Unemployment Insurance Weekly Claims
Initial claims were 3,169,000 for the week ending 5/2 (-677,000).
Insured unemployment was 22,647,000 for the week ending 4/25 (+4,636,000).https://t.co/ys7Eg5LKAW
— US Labor Department (@USDOL) May 7, 2020
Although the number of 3,169,000 new jobless claims is still grim, it’s the lowest amount of jobless claims since the week ended March 15, shortly after the World Health Organization declared the coronavirus to be a pandemic.
On Friday, the Labor Department will also release its nonfarm payroll report for April, which is expected to be down by 21 million, which would mark the worst month in U.S. history.
The unemployment rate is also expected to be released on Friday, with expectations of being down to its worst number in U.S. history, according to Dow Jones experts.
You can view the Department of Labor’s full Thursday, May 7 report here.
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