Jobless claims drop once again

In the week ending May 1, the advance figure for seasonally adjusted initial claims was 498,000, a decrease of 92,000 from the previous week’s revised level.

This is the lowest level for initial claims since March 14, 2020 when it was 256,000. The previous week’s level was revised up by 37,000 from 553,000 to 590,000.

The 4-week moving average was 560,000, a decrease of 61,000 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 9,250 from 611,750 to 621,000.

The advance seasonally adjusted insured unemployment rate was 2.6 percent for the week ending April 24, unchanged from the previous week’s unrevised rate. The advance number for seasonally adjusted insured unemployment during the week ending April 24 was 3,690,000, an increase of 37,000 from the previous week’s revised level.

The previous week’s level was revised down by 7,000 from 3,660,000 to 3,653,000. The 4-week moving average was 3,675,750, a decrease of 6,750 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 1,500 from 3,684,000 to 3,682,500.