5/7/2020, 2:31 PM (Source: TeleTrader)
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US initial jobless claims drop by 677K to 3.17M

The number of initial jobless claims decreased by 677,000 in the week ending May 1 compared to the week prior to come in at 3,169,000, reaching the total of 33.5 million over the past seven weeks, the US Department of Labor unveiled on Thursday.

The four-week moving average stood at 4,173,500, falling by 861,500 from the previous week's revised average.

The seasonally adjusted insured unemployment in the week ending April 25 landed at 22,647,000, marking an increase of 4,636,000 from the previous week's revised level to reach all-time high. Meanwhile, the advance seasonally adjusted insured unemployment rate was at 15.5% for the same week, jumping 3.2% from the previous week's figure.

Breaking the News / GA