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Wednesday, April 21, 2021

Initial Unemployment Claims Climb by 16,000 in the U.S.

Numbers out of the U.S. Department of Labor show that initial unemployment claims increased by 16,000 last week despite the positive outlook on America’s recovering job market.

The Unemployment Report published by the U.S. Department of Labor shows that seasonally adjusted initial claims rose to 744,000 for the week ending April 3. This is an increase of 16,000 initial claims from the previous week, which saw anywhere from 719,000 to 728,000 based on seasonally adjusted data.

The majority of new claims came from California and New York, with Texas and Ohio seeing an overall decrease in their initial claim numbers.

The unemployment rate remains at 2.6%, despite an overwhelmingly positive sentiment about economic and job market recovery for U.S. businesses. Markets in the U.S. soared on Monday following news that 916,000 jobs had been added to the U.S. economy’s private sector.

Futures on the Dow, S&P and Nasdaq are trending mostly upward this morning despite the news, though investors will have to wait for the market to open before they can bank on a day of gains.

The Dow Jones Industrial Average broke records on Monday, seeing the highest post-pandemic gains ever and marking a new high for total gains in one day.

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