Jobless claims tumble below 500,000

[tsptalk]

Jobless claims tumble below 500,000 in another sign the labor market is getting closer to pre-pandemic levels

Initial claims for unemployment benefits fell sharply last week, sinking below 500,000 for the first time since the Covid crash.

The total of 498,000 was a drop of nearly 100,000 from the previous week and below the 527,000 Dow Jones estimate.

Productivity increased more than expected in the first quarter, while unit labor costs did not drop by as much as anticipated.

https://www.cnbc.com/2021/05/06/weekly-jobless-claims.html

 

[Bullitt]

If the market finishes down today, the headlines excuse will be, "After positive employment report, traders fear fed tightening sooner than predicted".

If the market finishes up today, the headline excuse will be, "Markets up on positive employment data; lowest claims since COVID crash".