Today, we look at jobless claims and the world’s largest economies.
Initial claims for unemployment totaled 547,000 last week, much lower than expected, and their lowest level since the COVID-19 pandemic began. The biggest declines from the prior week were seen in Texas (-23,357) and New York (-17,316).
Continuing claims, which trail by one week, fell to 3.67 million. Continuing claims peaked early in May 2020, at just over 23 million.
This data provides further proof of the labor market’s momentum, as a jump in vaccinations has led to the removal of more business restrictions. Expect this to continue, leading to another strong jobs report for April.
If only the Yankees were doing as well as the economy right now!
The United States remained the world’s largest economy at just under $21 trillion, despite a 2.3% decline in GDP last year. The countries in the top 10 experienced, on average, a 3.0% fall in GDP from 2019-2020.
The United Kingdom and India flipped places last year, while Brazil fell out of the top ten and was replaced by Korea.
Now you know. Have a nice weekend.