- Weekly unemployment claims dropped to 385,000 week ending May 29
- Fifth consecutive week of declining filings
Downward Trend in Jobless Claims â€œRelentlessâ€
The last five consecutive weeks have shown us in black and white terms that the labor market is healing.
New initial jobless claims as of the week ending May 29 fell to 385,000 according to the US Department of Labor.Â Since late April, jobless claims (layoffs) have decreased by -35%
Ian Shepherdson, chief economist with Pantheon Macroeconomics,Â said, â€œClaims remain elevated by normal standards, but the downward trend has been relentless in recent monthsâ€¦a return to the pre-COVID level over the summer seems a decent bet.â€
Save a bit of your jubilance, however.Â In mid-May, 15.4M jobless workers received unemployment benefits via regular state aid and federal emergency programs.Â This 15.4M figure was down more than 4M from the first week of March BUT still nearly 7X the number of jobless workers collecting benefits pre-pandemic.
According to Rubeela Farooqi, chief US economist with High Frequency Economics,Â â€œBasically, the message is the same: The labor market has a long way to go.â€
Separate May Employment Report
Demand for Workers Picking Up Steam
The latest data from IHS MarkitÂ indicated a surge in services activity as more business reopen and consumers go out.Â In fact, IHS MarkitÂ indicated the surge in services activity is the fastest rise in this industry sector since this outfit began collecting such data in October 2009.
IndeedÂ has reported that job postings, as of the end of May, increased +26% compared to pre-pandemic February 2020.
Labor market health is returningâ€¦the economy is ramping up.
Weâ€™ll see and report what theÂ US Federal ReserveÂ plans to do about interest rates with these increasingly good yet still mixed reviews.
Thanks to The Wall Street Journal.
URGENT: 2021 Results Released. New FREE On-Line Web Event Reveals 17 Surprising Secrets Of The Top 100 Millionaire Agents. Get Your FREE Spot For The On-Line Webinar Now. When You Attend This Event You Will Have A Sense Of Relief Knowing You Can FINALLY Laugh At Your Money Worries – If You Follow This Simple Plan. Learn How To Generate 100’s of Motivated Leads Without Coming Off As A Pushy Salesperson and Losing Your Soul. Learn Now How To Become One of the 1000s of Agents Making HUGE Money NOW Who Never Thought They Could.
P.S. Limited Space Available. 235 Spots Left.