New jobless claims continue to be the most important weekly economic datapoint, as increasing numbers of vaccinated people and outdoor activities have led to an abatement of the pandemic – both new infections and deaths are near their lowest points in a year.
We have hit my objective for new claims to be under 500,000 by Memorial Day. My second objective is for them to be below 400,000 by Labor Day.
New jobless claims declined 34,000 to 473,000. On a unadjusted basis, new jobless claims declined 26,286 to 487,436. The 4 week average of claims also declined by 28,250 to 534,000. All of these were new pandemic lows.
Here is the trend since last August: