The U.S. jobs market recovery accelerated its pace last week as fewer Americans headed to the unemployment line, the Labor Department reported Thursday.
First-time claims for unemployment insurance totaled 547,000, which was below the Dow Jones estimate for 603,000 and a new low for the Covid-19 pandemic era.
The total represented a further decline in claims and gets the jobs picture closer to where it was pre-pandemic, though there’s still plenty of distance to cover.
With Covid-19 cases declining and more states relaxing business restrictions, companies again are looking to hire ahead of what is expected to be a summer of close-to-normal activity across the U.S.
Still, there remain about 8 million fewer Americans at work than prior to the pandemic outbreak.
Thursday’s report showed that both unemployment and underemployment remain significant problems for the U.S. economy.
There are still 17.4 million Americans receiving benefits under the various programs in place, though that data runs two weeks behind the headline claims number. Sharp increases in those applying for benefits through pandemic-related programs boosted the total recipients by nearly half a million.
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