U.S. employment: last week’s first claims hit a low since the epidemic

Data from the U.S. Department of Labor showed that the number of first-time jobless claims for the week of May 1 was 498,000, compared with the expected 538,000 and the previous 553,000. For the first time since the epidemic, the number fell below 500,000.

By region, Kentucky saw the largest increase in first-time claims, while Virginia and New York saw the largest decreases in first-time claims.

In terms of unemployment benefit renewals, the number of Americans receiving unemployment benefits remained above 16 million, although the number of continuing claims increased moderately last week (only from 3.65 million to 3.69 million).

In addition, the four-week moving average of continuing claims fell to 3.68 million, the lowest level since March 28, 2020.