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.
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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.
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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.
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