U.S. weekly jobless claims fall to lowest level in more than a year.

Jobless claims nationally fell again last week, according to the U.S. Department of Labor.

In the week ending April 17, the advance figure for seasonally adjusted initial claims was 547,000, a decrease of 39,000 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 10,000 from 576,000 to 586,000. The 4-week moving average was 651,000, a decrease of 27,750 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 down by 4,250 from 683,000 to 678,750.

The advance seasonally adjusted insured unemployment rate was 2.6 percent for the week ending April 10, a decrease of 0.1 percentage point from the previous week’s unrevised rate.

As the AP reports, that’s good news and evidence of economic recovery.

“With 135 million Americans having received at least one dose of a COVID-19 vaccination and the economy opening up more each day, the number of job opportunities will continue to rise,” said James Knightley, chief international economist at ING, a European bank.

the number of ongoing recipients has declined by about 2.3 million from early March, when the figure was 19.7 million, evidence that more people are being hired.

And,

For now, the economy is showing steady signs of recovering. Sales at retail stores and restaurants soared 10% in March — the biggest increase since last May. Federal stimulus checks of $1,400 have been sent to most adults. And Americans who have kept their jobs have accumulated additional savings, part of which they will likely spend now that states and cities have loosened business restrictions and the virus wanes.

Economic growth is accelerating so fast that the principal concerns surrounding the economy have shifted from a high unemployment rate and anemic spending to bottlenecks in company supply chains and the difficulty some businesses say they are having in finding enough workers.

Problems to be resolved, yes, but significant improvement.