498,000 Workers Filed For Unemployment Last Week

 

The Labor Department released its weekly unemployment statistics on Thursday. It showed that another 498,000 workers filed for unemployment benefits last week. That's the lowest number in many months, but still about twice the number that would file in a healthy economy. The recession is not over, and it won't be over until the pandemic is under control.

Here is the official Labor Department statement:

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.