April 27 (UPI) -- Initial claims for unemployment insurance in the U.S. economy declined from week-ago levels as the workforce remains resilient against lingering inflationary pressures, data published Thursday show.
The Labor Department reported that first-time claims for unemployment were 230,000 during the seven-day period ending April 22, a decline of 16,000 from the prior week. The less-volatile, four-week moving average showed a decline of 4,000 to 236,000.
The total amount of people receiving financial support because of unemployment was 1.86 million, 3,000 lower than the previous week.
"The four-week moving average was 1,836,500, an increase of 10,250 from the previous week's revised average," the Labor Department reported. "This is the highest level for this average since December 18, 2021, when it was 1,838,000."
Gross domestic product data released Thursday show consumers were optimistic during the first quarter.
GDP increased by 1.1% during the three months to March, following a 2.6% expansion during the fourth quarter. Disposable personal income, however, increased 12.5% from fourth quarter levels to $571.2 billion, compared with 8.9% during the fourth quarter.
Personal savings, meanwhile, was $946.2 billion over the three months ending in March, compared with $758.8 billion in the fourth quarter.
The Federal Reserve meets again next week to consider its next move with inflation running about 3% higher than its target rate, an increase of 25 basis points is widely expected.
