Will the unemployment claims report offer new hope on the economy?

on Apr22
by | Comments Off on Will the unemployment claims report offer new hope on the economy? |

The latest update on the labor market is scheduled to arrive Thursday morning when the government releases its weekly report on jobless claims.

The unexpectedly sharp drop announced last Thursday took Wall Street by surprise and fueled hopes that the economic recovery was gaining momentum. About 613,000, it was the lowest weekly total of initial claims for state unemployment benefits since the pandemic began, though still high by historical standards.

This time, analysts surveyed by Bloomberg expect the figure to climb. Even so, most forecasters maintain that the labor market is improving.

“We know from experience that weekly claims bounce around from one week to the next,” said Gregory Daco, chief U.S. economist at Oxford Economics, and reports from states like California tended to spike and drop. What matters is the longer-term trend, he said, and since January, there has been consistent progress.



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