First-time jobless claims declined to 576,000 for the week ending April 10, which is the lowest since March 2020 as individuals begin streaming back into the labor force and the economy begins to reopen on the back of vaccinations and fiscal aid.
In the past month, we pointed to coming volatility in top-line claims as more individuals who have exhausted their eligibility move back onto the employment rolls and as states continued to work through the backlogs in jobless claims, double-counting and fraud. For example, California alone had a decline of 75,645, so we are not yet convinced that this represents a decisive move down in overall jobless claims.
There are still 16.9 million people drawing some form of unemployment insurance, according to the government data released Thursday. For the week ending April 10, there were an additional 131,975 people applying for federal Pandemic Unemployment Assistance and 3.73 million applying for continuing claims.
For more information on how the coronavirus pandemic is affecting midsize businesses, please visit the RSM Coronavirus Resource Center.