US Jobless Claims Drop to 547,000 - Lowest Since Start of Pandemic
What Happened:
According to a report released by the Labor Department on Thursday, 547,000 Americans claimed first-time jobless benefits over the last week, nearly a 30,000 drop from the previous week and the lowest number since the start of the pandemic last year. An encouraging sign that layoffs may be slowing down because of an improving job market.
With the accelerated rollout of Covid-19 vaccinations, the passage of Biden's Covid-19 Relief Bill and a job market that has been slowly strengthening, economists are hopeful that this is a sign of an improving economy.
Federal Reserve Chair Jerome Powell said in an interview two weeks ago that he believes the economy is at an "inflection point" and that we are poised for a boom.
Despite the positive trends, some economists are concerned that a sudden increase in consumer demand may lead to a burst of inflation, a concern that Wall Street also shares.
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