The Labor Department reported Thursday that initial claims for state unemployment benefits while still at considerably high levels (reaching a level that is 83% higher on a Y/Y basis), are finally showing a slight drop for the first time in several quarters.
In the week ending April 4, the advance figure for seasonally adjusted initial claims was 654,000, a decrease of 20,000 from the previous week’s revised figure of 674,000.
The advance number for seasonally adjusted insured unemployment during the week ending March 28 was 5,840,000, an increase of 95,000 from the preceding week’s revised level of 5,745,000.
The largest increases in initial claims for the week ending March 28 were in Kentucky (+5,029), Michigan (+4,428), Illinois (+3,498), Ohio (+3,000), and Tennessee (+2,718), while the largest decreases were in California (-7,057), Pennsylvania (-3,302), Missouri (-2,193), Kansas (-1,726), and Minnesota (-1,559). [via DOL]
The market is certainly reflecting today this news. All major averages are green across the board.