by Calculated Risk on 5/06/2021 08:37:00 AM

The DOL reported:

In the week ending May 1, the advance figure for seasonally adjusted initial claims was 498,000, a decrease of 92,000 from the previous week's revised level. This is the lowest level for initial claims since March 14, 2020 when it was 256,000. The previous week's level was revised up by 37,000 from 553,000 to 590,000. The 4-week moving average was 560,000, a decrease of 61,000 from the previous week's revised average. This is the lowest level for this average since March 14, 2020 when it was 225,500. The previous week's average was revised up by 9,250 from 611,750 to 621,000.
emphasis added

This does not include the 101,214 initial claims for Pandemic Unemployment Assistance (PUA) that was down from 121,414 the previous week.

The following graph shows the 4-week moving average of weekly claims since 1971.

Click on graph for larger image.

The dashed line on the graph is the current 4-week average. The four-week average of weekly unemployment claims decreased to 560,000.

The previous week was revised up.

Regular state continued claims increased to 3,690,000 (SA) from 3,653,000 (SA) the previous week.

Note: There are an additional 6,862,705 receiving Pandemic Unemployment Assistance (PUA) that decreased from 6,974,909 the previous week (there are questions about these numbers). This is a special program for business owners, self-employed, independent contractors or gig workers not receiving other unemployment insurance.  And an additional 4,972,507 receiving Pandemic Emergency Unemployment Compensation (PEUC) down from 5,194,099.

Weekly claims were lower than the consensus forecast.