US Jobless Claims Drop to 576,000 - Lowest Since Start of Pandemic
According to a report released by the Labor Department on Thursday, 576,000 Americans claimed first-time jobless benefits over the last week, nearly a 200,000 drop from the previous week and the lowest number since the start of the pandemic last year.
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 last week that he believes the economy is at an "inflection point" and that we are poised for a boom.
Said Powell, "We feel like we’re at a place where the economy’s about to start growing much more quickly and job creation coming in much more quickly. This growth that we’re expecting in the second half of this year is going to be very strong."
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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