US jobless claims sink to new coronavirus pandemic low

By Ovunc Kutlu

ANKARA (AA) - The number of Americans filing first-time unemployment claims sank to a new lowest level during the coronavirus pandemic, according to the Labor Department on Thursday.

Initial jobless claims decreased 92,000 to 498,000 last week. Analysts expected 540,000 for the week ending May 1, while the previous week was revised up by 37,000 from 553,000 to 590,000.

This marked the fifth time during the coronavirus pandemic that initial jobless claims came below 700,000.

The world's largest economy, however, still has around 9.7 million unemployed individuals after adding 916,000 jobs last month. The unemployment rate fell to 6% in March, from 6.2% the previous month, according to the agency.

Private payrolls increased 742,000 in April, the highest monthly increase since September, according to ADP Research Institute on Wednesday.

The US government’s nonfarm payroll report will be released Friday and is expected to show an increase of 978,000 jobs in April. If realized, it would be higher than 916,000 jobs in March.