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Jobless claims continue decline

Unemployment filings showed a steady decline for the third consecutive week for the seven-day period ending April 24. Initial claims rolled in at 553,000, a decrease of 13,000 from the previous week. The total showed to be a new low since the start of COVID-19.

For the week ending April 24, the advance figure for seasonally adjusted initial claims was 553,000, a decrease of 13,000 from the previous week’s revised level.

The previous week’s level was revised up by 19,000 from 547,000 to 566,000. The 4-week moving average was 611,750, a decrease of 44,000 from the previous week’s revised average.

This is the lowest level for this average since March 14, 2020 when it was 225,500. The previous week’s average was revised up by 4,750 from 651,000 to 655,750.

Advance seasonally adjusted insured unemployment rate was 2.6 percent for the week ending April 17, unchanged from the previous week’s unrevised rate. The advance number for seasonally adjusted insured unemployment during the week ending April 17 was 3,660,000, an increase of 9,000 from the previous week’s revised level.

The previous week’s level was revised down by 23,000 from 3,674,000 to 3,651,000. The 4-week moving average was 3,684,000, a decrease of 23,250 from the previous week’s revised average. This is the lowest level for this average since March 28, 2020 when it was 3,611,750. The previous week’s average was revised down by 5,750 from 3,713,000 to 3,707,250.