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Automatic Data Processing Inc (ADP) Q3 2021 Earnings Call Transcript

U S Unemployment Claims Fell to 553,000 in Latest Week

Provided by Dow Jones By Eric Morath Jobless claims fell again to the lowest level since the pandemic took hold more than a year ago, another sign the labor market is rebounding this spring. Initial unemployment claims, a proxy for layoffs, fell by 13,000 last week to a seasonally adjusted 553,000, the Labor Department said on Thursday. The previous week s figure was revised up to 566,000. The latest reading marked the third straight week jobless claims were below 600,000, their lowest levels since early 2020. The four-week moving average, which smooths out volatility in the weekly figures, was 611,750, also a pandemic low. New claims this month are well below the millions of claims filed weekly a year ago, but still more than double the roughly 200,000 weekly applications submitted in the months before the pandemic began.

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