- by New Deal democrat
New jobless claims continue to be the most important weekly economic datapoint, as increasing numbers of vaccinated people and outdoor activities have led to an abatement of the pandemic - both new infections and deaths are near their lowest points in a year.
We have hit my objective for new claims to be under 500,000 by Memorial Day. Even better, we are already approaching my second objective, which is for them to be below 400,000 by Labor Day.
REMINDER: Because of the unprecedented number of layoffs during the early lockdowns, for the last year I have given heightened importance to the non-seasonally adjusted numbers. After May is over, their importance recedes and I expect to discontinue tracking them.
New jobless claims declined 38,000 to 406,000. On a unadjusted basis, new jobless claims declined 34,131 to 420,472. The 4 week average of claims also declined by 46,000 to 458,750. All of these were new pandemic lows.