U.S. initial jobless claims remained below 1 million for the third straight week, but after a notable drawdown during the week of March 20, claims increased for the second straight week.
The intrigue: March's blowout nonfarm payrolls report showing 916,000 jobs added should have signaled a positive trend for employment gains, however, the jobless claims report suggests layoffs continue. That could hamper the recovery.
On the other side: While traditional jobless claims rose by 28,000 to more than 740,000 last week, claims for the Pandemic Unemployment Assistance program fell to 151,000.