U.S. weekly jobless claims drop to fresh 14-month low; economic recovery gaining speed
FILE PHOTO: Hundreds of people line up outside a Kentucky Career Center hoping to find assistance with their unemployment claim in Frankfort, Kentucky, U.S. June 18, 2020. REUTERS/Bryan Woolston/File Photo
May 27, 2021
By Lucia Mutikani
WASHINGTON (Reuters) – The number of Americans filing new claims for unemployment benefits dropped more than expected last week as layoffs subsided, with companies desperate for workers to meet surging demand unleashed by a rapidly reopening economy.
The economy, which in the first quarter notched its second-fastest growth pace since the third quarter of 2003, is gaining speed, with other data on Thursday showing business spending on equipment accelerated in April. Activity is being boosted by the COVID-19 pandemic’s easing grip and nearly $6 trillion in relief provided by the government over the past year.
The U.S. economy grew at an annual rate of 6.4 percent in the first quarter of 2021, the U.S. Commerce Department reported Thursday in its second estimate. Upward revisions to consumer spending and nonresidential fixed investment were offset by downward revisions to exports and private inventory investment, according to the latest estimate released by department’s .
The number of Americans filing new claims for unemployment benefits dropped more than expected last week as layoffs subsided, with companies desperate for workers to meet surging demand unleashed by a rapidly reopening economy.
Holiday sets in; meager calendar awaits bondbuyer.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from bondbuyer.com Daily Mail and Mail on Sunday newspapers.
U S weekly jobless claims drop to fresh 14-month low; economic recovery gaining speed netscape.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from netscape.com Daily Mail and Mail on Sunday newspapers.